Why Estate Planning Matters for Millennials

It's Never Too Early to Start Planning for the Future

At first glance, estate planning may seem like something that only older adults need to worry about. But that's simply not true. Estate planning is crucial for millennials too. Here's why you should start planning now, even if retirement is decades away.

You Probably Have More Assets Than You Realize

As a millennial, you may think you don't have many assets. But even young adults tend to have more than they realize. This can include:

• Retirement accounts like 401(k)s or IRAs
• Bank accounts and investment accounts
• Your home or other real estate
• Vehicles
• Personal property like jewelry, art, or collectibles

Without proper estate planning, distributing these assets could be difficult when you pass away.

It Clarifies Your Wishes

Estate planning allows you to make your wishes clear about what should happen to your assets when you die. This takes the guesswork out of the situation for your loved ones.

You can specify things like:

• Who should inherit your assets
• Who should care for your minor children
• Your preferences for end-of-life medical care

With a clear plan, your family will understand exactly how to handle your estate.

It Appoints Decision Makers

An important part of estate planning is designating people to make decisions on your behalf if you become incapacitated. This includes:

• Financial power of attorney - manages your finances if you're unable to
• Healthcare power of attorney - makes medical decisions if you're unable to
• Executor - handles your estate when you pass away

Carefully choosing these individuals now prevents disputes later.

It Provides Peace of Mind

No one likes to think about death and dying. But having an estate plan gives you peace of mind no matter what the future may hold.

You'll have the comfort of knowing you've made the necessary arrangements to provide for your loved ones and handle your affairs.

How to Get Started with Estate Planning

Here are some steps millennials can take to put a basic estate plan in place:

• Draft a will - This legal document states how you want your assets distributed when you die. It also allows you to name a guardian for minor children.
• Designate beneficiaries - For assets like life insurance and retirement accounts, name beneficiaries to inherit them directly.
• Create powers of attorney - Give someone you trust the legal authority to handle finances and medical decisions if you're incapacitated.
• Make a healthcare directive - This states your wishes for end-of-life treatment if you can't communicate them.
• Review regularly - Revisit your estate plan every few years and after major life events to keep it current.

Protect Yourself and Your Loved Ones with Proper Planning

Estate planning may seem daunting. But working with an attorney makes the process straightforward. And it's one of the most important things you can do to provide for your loved ones when you're gone. Don't put it off - start planning and download WealthBerry for your future today.