Yes, Even Millennials Should Have an Estate Plan

Many people believe that estate planning is only for 50 plus age group. The truth is that younger people, including millennials, can benefit from having an estate plan of their own. No matter how young you are, there are plenty of good reasons to make a will and more.

Millennials are defined as individual born between 1981 and 1996 people between the ages of 26 and 41. This is the age at which many people begin their careers and start families 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.

Your estate plan checklist should include not only your will, but also a medical power of attorney or health care directive, a durable power of attorney, a guardian for your child, and a plan for your digital assets. Setting these up doesn’t cost thousands of dollars, either.

A will lets you decide what will happen to your stuff when you’re gone, and it also spares your loved ones the burden of trying to figure it out themselves. If you have stuff and a few bank accounts, it will need to be divided. Do your family a favor and figure it out for them now.

If you have kids, you want to have a say in who will raise them if something happens to you and the other parent. When you create your will, you can specify who you want as a guardian. If you do not name a guardian, the court will do so, and it may not be the same person you would have wanted to serve in that capacity. It’s a good idea to think carefully about a guardian. Pick someone who has a bond with your kids, understands your style of parenting, and is young and healthy.

Estate planning can help you accomplish many other goals depending on your needs. At Gallagher Law, P.C., we also offer an online option for planning called Guidr for your convenience. We welcome the opportunity to help you. You can call us at 215-963-1555 to discuss estate planning or click on to see our online options.

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John Gallagher

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