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Why millennials need estate planning

Florida may have a reputation for being the land where retirees go to enjoy their golden years but that does not provide an accurate snapshot of the state’s population. The sunshine state boasts its fair share of young and vibrant residents who continue to help Florida thrive. However, some of these millennials may inadvertently be setting themselves and their families up for difficult times by ignoring the importance of proper estate planning.

As Daily Finance explains, estate planning is not just for the old or the rich. Everyone can and should put plans in place to help their loved ones in the event that tragedy should strike. Whether single, married, with or without kids, some basic documents can be beneficial. Spouses, kids and parents alike can be left without the ability to make important decisions when the need arises. Taxes may be assessed where they could have been avoided.

According to Nerd Wallet, estate planning for someone in their 20s or early 30s need not be complex and there are two documents in particular that are recommended. One of these is a durable power of attorney or a health care proxy. This document names someone else as having the authority to make medical decisions for the person who created the proxy. A serious car accident is all that is needed to make this need a reality.

A living will, also called an advace health care directive, allows an individual to specify his or her own preferences for what medical care to receive. One of the most common examples is whether or not life support systems should be utilized in order to sustain ongoing life.

 

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