As you know, creating an estate plan is one of the most important things anyone can do in their lifetime. Unfortunately, too many people wait until it is too late. Creating your estate plan as soon as possible is critical, and believe it when you hear that you are never too young to start crafting your estate plan. Even if you do not believe you have many assets, you most likely have more than you think. Please read on and reach out to our Pennsylvania estate planning attorneys to learn more about what millennials in PA should know about estate planning. Here are some of the questions you may have:
Can I include a partner that I am not married to in my estate plan?
Millennials are no longer getting married at the early age that past generations have. However, those who are in long-term relationships often still wish to protect their loved ones and include them in their estate plan, should something ever happen to them. You should create the following documents:
- A will or a trust: This will ensure your assets are distributed to your loved ones upon your passing.
- A medical power of attorney: If you are incapacitated, appointing your loved one in this position will allow him or her to instruct doctors regarding the types of medical care you should, and should not receive.
- Beneficiary designations: By naming your partner a beneficiary, he or she can inherit life insurance, retirement assets, and more.
- A durable power of attorney: This will help ensure that your partner can make critical financial decisions on your behalf, should you become incapacitated.
What can I do to protect my children in my estate plan?
Couples with minor children often choose to create guardianships, which essentially appoint a trusted individual to become the legal guardian of your child, should you and your spouse be unable to raise your child on your own. Though no one wants to think about this, appointing a guardian is critical, for if you do not and something should happen to you and your partner, the courts will take matters into their own hands and appoint an individual to raise your children themselves.
What is digital estate planning?
In today’s day and age, virtually all of us have digital assets, and especially millennials. For example, financial accounts, intellectual property, online gift cards/rewards cards, social media accounts, pictures/videos, and more. List all of these assets/logins & passwords and appoint a digital executor who can access these accounts on your behalf upon your passing.
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