Many people think estate planning is only for elderly people. The truth is that younger couples, including millennials, can benefit from having an estate plan of their own.
Millennials are generally defined as individuals born between 1981 and 1996. This means many of them have easily reached the age at which many begin their careers, start families, and buy homes of their own. If you have a child, you should at the very least have a last will and testament. It allows you to name a guardian for your minor children, which helps ensure they will be raised according to your wishes if you and your spouse pass away unexpectedly.
Another reason millennials need an estate plan is to ensure people of their own choosing can make medical and financial decisions on their behalf in the event of incapacity. If you can no longer make or carry out your own decisions, legal documents such as powers of attorney for health care and finances can accomplish this goal and spare your loved ones from having to petition the court for legal guardianship in order to make already-difficult decisions about your care and/or finances.
If you live or own real property in Indiana, you almost certainly should place that property in a trust for a myriad of reasons. Call our office and we’ll be happy to set an attorney consultation with you to explain why this is largely a no-brainer.
Estate planning can help you accomplish many other goals depending on your particular needs. We welcome the opportunity to discuss your options.
