If you are a millennial – that is, someone who was born around the year 2000 – and you have kids, you should definitely have an estate plan, especially for your children. If you cannot remember a time without email (at one point, email and the Internet did not even exist), then you probably belong to the Millennial generation, sometimes called Generation Y.
When you are in your 20s and 30s, it is difficult to think about setting up an estate plan, but – if you have kids – it is something you need to do. Why? Because, in addition to taking care of your worldly goods after you die, you can appoint someone – a friend or relative whom you trust – to take care of your children.
A n estate plan consists of a Will, a health care directive, and a power of attorney. The Will controls what happens to your property after your death; the health care directive appoints someone who you know and trust to be your healthcare agent in the event that you are incapacitated and unable to make decisions related to your medical care and treatment by yourself; and the power of attorney appoint someone you know and trust to make decisions and carry on your financial affairs in the event that you are unable to do so on your own.
Sometimes, you need a trust as well, especially if you have a lot of wealth to manage or if you have a child with special needs. However, for most millennials, I do not think that the trust would be appropriate. I have written about trusts and whether you need one before. Here is a link to the article:
The best way to determine what is right for you is to meet with an estate planning attorney. To that end, I invite you to give me a call at 763-450-9494 to discuss your specific situation. Everybody who calls gets a free 5 minute mini telephone consultation. An in person meeting is $250, and that amount is credited to your account when you retained me to represent you in drafting your Will, healthcare advance directive, power of attorney, and other estate planning documents.
WARNING: The information contained in this article does not constitute legal advice and may not be applicable to your situation. Tim is licensed to practice law only in the state and federal courts of Minnesota, and the advice that he gives is applicable to that jurisdiction only. Further, reading this blog post does not create an attorney-client relationship between you and Baland Law Office, P.L.L.C. You should always discuss your situation with an attorney before taking any action based on what you may read in this blog. To that end, please call (763) 450-9494 to set up an appointment to discuss your situation.