What All Millennials Should Know About Estate Planning

Everyone, at some point in their lives, has heard the phrase, “you’re never too young to plan for your future.” This saying holds true, and though millennials are still young, now is the time to begin thinking about creating an estate plan. If you are a millennial, please continue reading and reach out to our experienced Pennsylvania estate planning attorneys to learn more about what you can do. Here are some of the questions you may have:

Can I protect my partner in my estate plan?

Millennials have been getting married at later ages than previous generations have. That being said, if you are in a long-term relationship, you may still create an estate plan together. Some of the most important things you can include in your estate plan are as follows: 

  • A will or a trust: If you and your partner share a home and other property, you should list your partner as a beneficiary so he or she may inherit the property upon your passing. 
  • Beneficiary designations: You may also name your partner a beneficiary of additional assets, such as retirement accounts, life insurance, and more. 
  • A durable power of attorney: Creating one allows your partner to act as an agent so he or she can make critical financial and legal decisions for you, should you be unable to do so yourself. 
  • A medical power of attorney: This allows your partner to make key medical decisions on your behalf, should you become unable to make those decisions yourself. 

How can I protect my dependents?

When couples have children together, they should always have a plan in place for if they are no longer around to care for them. One of the best ways to do so, if you have minor children, is to name a guardian that may care for your children if you are no longer capable of doing so yourself. Additionally, you may create a trust or will to declare what will happen to your property after your passing and where your assets will go. 

What are digital assets?

Millennials are the first generation to be fully submerged in the digital world. As a result, many millennials have various digital assets that must be protected and included in their estate plan. Some examples of digital assets include pictures and videos, financial accounts, websites you may own or contribute to, social media accounts, and more. Ensure you have a list of all these assets, including your usernames and passwords. You may appoint a digital executor who can access these accounts and distribute them on your behalf.

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Friedman Schuman is an experienced and dedicated legal resource for clients throughout Pennsylvania. We proudly serve clients facing a wide range of legal matters. If you require the services of an effective attorney, please contact Friedman Schuman today to schedule a consultation.