Don’t Let Your Legacy Be a Hot Mess: A Complete Estate Planning Checklist for Millennials

The phrase “estate planning” often conjures images of retirees, older individuals planning for the inevitable “what ifs” or the super wealthy. Most don’t immediately think of younger generations who may just be establishing themselves in their career, or experiencing some of their firsts – getting married, buying a home, or having a baby.  But the truth is: Estate planning is for everyone, especially those looking to grow their wealth, family, or real estate portfolio.

Expecting the unexpected is important but taking the next step and planning for it is one of the smartest moves a millennial can make. And the good news? It’s not as complicated as you might think! Here is the estate planning checklist for every millennial who wants to plan for their future today!

1. Create a Will (Yes, even if you’re young!)

There are many reasons you may think a Will is not necessary –you’re young, you don’t have a large estate, you don’t own real estate, or you only own the one house (but don’t fret, it’s just a starter home!) – but these are all myths!

No matter your age or the size of your estate it is important to plan for your future — and despite what you’ve heard, size doesn’t matter when it comes to estate planning. A Will not only allows you to lay out what happens to your personal belongings, but also allows you to plan for your family members, both your children and pets!

Don’t Let Your Stuff End Up in a Yard Sale:

Whether you have a car, a savings account, a starter home, or your forever home, a Will ensures that your cherished belongings go to those you care about. Without a Will, the State will determine how your items are passed down.

If you don’t have a solid Will in place, your most beloved items, whether that be a well-curated record collection or those beanie babies all grandparents swore would be worth millions one day, could end up with a brother, sister, or the dreaded weird, twice-removed cousin on mom’s side. With a Will, you can plan ahead and ensure your things don’t end up in the wrong hands, or worse, a yard sale.

 

Related Post: #1 Estate Planning Advice For Soon-To-Be Parents

 

HONEY – I Forgot to Plan for the Kids!

A Will is not only limited to planning for what happens to your “stuff”. One of the most important things Estate Planning allows you to choose is what happens to your children upon your passing.

A Will allows you to pick the guardian or guardians of your minor children. If something were to happen to you and your partner, a Will allows you the peace of mind of knowing that someone you trust will step in to care for and love your kids.

This can be an incredibly personal decision and one that you, as the parent, want to make for your children. Without a Will, the courts will decide who will become the Guardian, a decision that may not necessarily align with your wishes.

A Will not only gives you the freedom and control over where your property goes but allows you to decide who will assume the responsibility for your little ones – so you can rest easy knowing your children’s emotional and physical well-being is being met by someone you have personally selected.

Don’t forget About the Pets!

Pets are considered family members too, but often fall to the wayside when it comes time to plan for your future. Just like children, pets rely on you for their care, comfort, and well-being.

A Will allows you to rest easy knowing that your beloved pets will be looked after long after you’re gone. Whether you’re planning for a playful pup, an independent cat, or a happy little hamster, choosing who will step in to care for your pet, and providing financially for their ongoing care, will ensure that your pet continues to receive the love and care they deserve for the rest of their lives, whether that be one or nine.

 

Related Post: Include Your Pet In Your Estate Plan With a Pet Trust

 

2. Create a Power of Attorney and Health Care Directive: Don’t Leave the Rest Unwritten

Life happens and it’s easy to get swept up in the hustle and bustle of everyday life. There are kids, career and personal goals, financial stability, workout routines, and social expectations to focus on.

While all of these are important to prioritize, there’s one essential aspect of life that many times is overlooked: planning for your finances and personal health in the case of an emergency.

Don’t let your poor planning become your loved one’s emergency. Plan ahead by creating a Power of Attorney and a Health Care Directive, so nothing stops you from releasing your inhibitions and living young, wild, and free – after all, no one else can speak the words on your lips!

Manage Money, Not Chaos!

Estate planning is not only limited to what happens after your death – but also allows you to plan for what happens while you’re still here. Life is unpredictable, and if you ever find yourself in a situation where you can no longer make decisions regarding your finances, a Power of Attorney not only allows you to choose who will handle those decisions for you but gives that person the authority they need to expediently and appropriately manage them on your behalf.

A Power of Attorney allows you to choose someone who understands your values and financial goals – all while ensuring that your rent, utilities, car payments, mortgage, and those loathsome student loans are being paid.

Whether you’re in the hospital or living it up on vacation, having a Power of Attorney can make all the difference. Don’t let your pipes freeze because your utilities aren’t being paid if you’re incapacitated!

 

Related Post: Power of Attorney In Connecticut – Basic Rules

 

Because Sometimes Medical Decisions are not limited to which episode of Grey’s Anatomy to Watch

Creating a Health Care Directive might not sound like the most thrilling feat in the world, but it’s actually a pretty smart (and dare I say, cool) move. A move Meredith Grey would definitely praise you for.

A Health Care Directive, sometimes known as an advanced directive is a legal document that outlines your wishes regarding medical care if you are unable to make those important decisions for yourself.

This document can include instructions for your loved ones to follow, outlining your preferences for life-sustaining treatment, organ donation, and most importantly – who has the authority to make decisions and communicate your wishes for you.

While it’s easy to believe you’re invincible, to assume that accidents or health crises are something that happens on TV or to others, the truth is that accidents, health emergencies, or sudden illness can happen at any time, and at any age.

Life is unpredictable – whether it’s a car accident, injury, or illness that leaves you incapacitated, having a Health Care Directive guarantees that your healthcare preferences are not only known, but also respected, even if you are not in a position to voice them yourself.

Though you may feel unbeatable or in good health, it’s important to remember unexpected emergencies can strike at any time, but being prepared can make a world of difference in your treatment. As Meredith Grey once said (and your Health Care Directive would definitely say if it could speak) “Pick me, choose me, love me.”

 

Related Post: Who Has The Legal Power To Make Decisions For You?

 

Estate Planning – YOLO!

Estate planning is an important decision for everyone – yes, even those going through the millennial crisis right now.

Regardless of your age, financial status, or position in life, one thing is for certain – life is unpredictable. Having a plan in place ensures that your assets, healthcare decisions, and loved ones are taken care of if something unexpected happens.

Contrary to popular belief Estate Planning is not just about distributing wealth; it’s about making sure your wishes are respected, planning for your loved ones (humans and fur babies included), and avoiding potential legal complications.

A Will, Power of Attorney, and Health Care Directive can provide peace of mind and help you maintain control over your future, no matter what lies ahead.

Millennials once upon a time not only embraced the mentality of YOLO! but lived by it.

An overused phrase of our youth that once evoked boundless spontaneity and was the battle cry for many when taking a risk or pursuing their dreams — sometimes both. Though we may have traded the freedom only youth can provide to establish stable careers, families, and homes, we should never leave the YOLO! mentality behind – but we should plan for it more carefully.

YOLO may not have been created with estate planning in mind, but it does capture the importance of planning for your future – because it is true – you only live once, but when you have a solid plan in place, once is enough.

 

Related Post: Why You NEED an Estate Plan In Your 20s and 30s

Disclaimer: The information provided in this article does not, and is not intended to, constitute legal advice and is for general informational purposes only.

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