Estate planning for millennials -- sounds contradictory, right? Wrong. Even millennials have assets and options that should be covered by a sound estate plan. After all, death is no respecter of age, so it is best to be prepared.
Young employees in Maryland may be most excited to finally being able to earn a steady paycheck that allows them to be self-supporting. Yet other job benefits, such as retirement plans and life insurance are also perks at many jobs. Young people may need to name beneficiaries on these documents. Furthermore, such documents should be reviewed periodically. A single person who gets married or has children may want to change their beneficiaries on these policies accordingly.
Millennials may also want to consider drafting a will. This way, they will be able to ensure their property is handed down to their desired family, friends or charitable institutions. Also, establishing someone as guardian of any minor children the millennial may have is important, should they unexpectedly pass away.
It is an unfortunate and tragic reality that an event such as a car accident or major illness could leave any person, even a young person, incapacitated. Millennials can prepare for this, however, by establishing someone with power of attorney and drafting a health care proxy. This can allow the millennial to have a say in who will make important decisions on their behalf.
As this shows, estate planning is important for all -- young and old. Just about everyone has some opinion and desires when it comes to their end-of-life care and property distribution. It is important to be prepared.