Estate planning isn’t just for older generations or wealthy individuals. It’s essential for young adults, parents, and anyone with modest assets. From protecting yourself during life to ensuring your loved ones are cared for after you’re gone, an estate plan is a practical tool that provides peace of mind. As a recent article from Yahoo! Finance points out, Millennials and Gen Z have compelling reasons to start their estate planning now.
Many people only consider estate planning after having children, and for a good reason—a will is used to name a guardian to raise your children if both parents pass away. Without one, the court decides who will raise your kids, and it may not be someone you’d choose. However, there’s far more to estate planning than just naming a guardian.
Every adult should have these two critical documents:
Without these documents, your loved ones might face a lengthy and costly court process to gain the authority to act on your behalf. Having them in place ensures your wishes are respected and your family is spared unnecessary stress.
Parents often overlook that once their child turns 18, they lose the legal right to make medical decisions or manage their adult child’s property. Signing a healthcare power of attorney ensures parents can still assist with health-related decisions, insurance matters, and other emergencies.
Even for young adults, having a simple will can make a difference. For instance:
Encouraging young adults to create a will also instills valuable financial and legal responsibility early on, setting them up for a lifetime of proactive planning.
Young professionals should pay close attention to beneficiary designations on retirement accounts, life insurance policies, and other financial accounts. These designations take precedence over any will and bypass probate entirely, making them a vital part of any estate plan.
It’s equally important to keep these designations updated, especially after major life events like a marriage, divorce, or new job. Keeping a record of accounts and beneficiaries is a habit that will serve you well throughout life.
Estate planning evolves with your life. As you gain assets, have children, or experience life changes, your plan should be updated to reflect your current circumstances. Taking these steps early ensures you and your loved ones are prepared for whatever the future may bring.
At The Werner Law Firm, our experienced attorneys specialize in estate planning for every stage of life. Whether you’re a Millennial starting your career, a Gen Z young adult, or a parent protecting your family, we’re here to create a plan tailored to your needs. Start securing your legacy today and enjoy peace of mind for tomorrow.
If you have any questions, schedule a free appointment with us through our online appointment page.
You can also read reviews from some of the hundreds of clients we have helped over the years.
Reference: yahoo! finance (Nov. 18, 2024) “Why millennials and Gen Z should have a basic estate plan”
Founded in 1975 by L. Rob Werner, The Werner Law Firm and our dedicated attorneys are available for clients, friends, and family members to receive the legal help they need and deserve. You can trust in our experience and reputation to help navigate you through your unique legal matters.
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If you’re looking into taking care of your estate planning, we urge you to schedule a free initial appointment today and join the many satisfied clients who have contacted Werner Law Firm.
