Estate planning might become a top priority among older people interested in caring for family members. Millennials might be the beneficiaries of many Minnesota wills and trusts, but younger persons shouldn’t think they don’t need to make their estate plans. No matter someone’s age or how big or small an estate is, taking part in estate planning could be a wise move.
Estates, responsibilities and millennials
When discussing the subject of estate planning, most people focus on writing a will. However, the process can encompass far more. For young persons, drawing up a power of attorney document might be crucial. In some situations, millennials may grant financial authority to parents. The parents may use their experience to make investment decisions, as well as handle responsibilities related to bills and tax filings.
Estate planning could focus on health and medical matters, too. Even young people may become victims of accidents or suffer adverse health care emergencies. Legalizing a living will or healthcare proxy may establish ways to address the situation if the young person becomes incapacitated.
Millennials and personal assets
Although a millennial might not own a home or have many assets, writing a will could still be a smart estate planning strategy. For one, a will names an executor of the estate. The executor serves as the estate’s personal representative and would handle many responsibilities, such as dealing with landlords and banks, when the testator passes away.
Millennials might have tangible assets, including bank accounts, automobiles and 401(k) savings plans. A will allows the younger person to designate what beneficiaries receive these assets. Without a will, Minnesota’s intestate laws would guide the process. Careful estate planning could ensure the testator’s wishes direct the process, not state law.