It’s Time for Millennials to Start Thinking about Estate Protection

Millennials are coming into their own. This generation of people born between 1981 and 1996 have made their way into the workforce, started families and begun to accumulate assets–which is why it’s time for them to start thinking about estate planning and estate protection. Estate planning can help you protect the things you care most about, from your partner to your dependents to digital assets.

Here’s a look at five estate protection issues every millennial should consider as they navigate the estate planning process:

1. What’s Included in Your ‘Estate’
Many millennials don’t think they don’t need an estate protection plan because they don’t think they have that much of an estate. But that’s just because they’re only thinking about a big bank account, homes and other high-priced items.

The truth is, most millennials have estates that include retirement accounts, life insurance policies, vehicles, family heirlooms that have been inherited and other personal property that should be accounted for and protected.

Estate planning allows you to avoid mistakes and determine exactly what happens to each of these assets should you not be able to enjoy them any longer.

2. Make Your Medical Wishes Known
Nobody enjoys thinking about the “worst-case scenario,” but it’s better to address the issue while you are able to make your wishes known.

In this case, “worst-case scenario” could be putting placed on prolonged life support–or worse. It’s important to think through these scenarios so your loved ones know what to do should you become medically incapacitated or unexpectedly die.

Do you want to be on prolonged life support? Are you interested in a formal burial? Do you want to be an organ donor? These are just some of the questions you should answer–so your loved ones aren’t put in the difficult position of making decisions for you.

3. Protect Your Partner
Many millennials are either waiting until they are older to get married or eschewing marriage altogether. But that doesn’t mean they’re not in long-term, committed, romantic relationships with partners–partners who require some special legal accommodations in order to be protected.

Legally speaking, marriage establishes default rules that give spouses automatic rights to assets, access and decisions that might need to be made. Without an estate plan in place, unmarried partners may not have any of these rights if something terrible happens.

An estate protection plan that includes their unmarried partners an address durable financial power of attorney, medical power of attorney, what happens to wills and trusts, and the beneficiary designations.

4. Protect Dependents
If you have children, it’s important to think about what will happen to them should something terrible happen to you. Who will get your assets? Who will be their personal guardian? Who will handle their financial affairs?

These are all issues that need to be addressed–sooner rather than later.

5. Protect Your Digital Assets
Millennials are unlike any other generation. They have grown up in the digital age, where computers, social media and electronically stored data have been a part of their life from day one.

They’ve also amassed an incredible amount of digital assets, including airline points, loyalty program rewards, financial accounts, photos, videos and other digital assets.

An estate protection plan ensures that digital assets are protected against misuse, destroyed or passed on to people you trust.

If you or your millennial children are ready to put an estate protection plan in place, connect with Flagler Financial today.