Most millennials don’t want to think about what happens after they die. When you are caught up in the present, death seems improbable or even impossible. Saying millennials need an estate plan sounds much more complicated than it is. Really, an estate plan just outlines a course of action for your inevitable future. Questions to think about are:
• Who will inherit which of your belongings?
• How will loved ones access your financial and social media accounts?
• Do you have a payable-on-death account?
• Do you have a plan for what happens if you are incapacitated?
You’re Not Immortal, But Your Debt May Be
While student loan debt is still a major concern, credit card debt has become the most prevalent type of liability amongst millennials. As a very debt conscious generation, it’s important to note that some financial obligations don’t just disappear in the event of your death. Rather, family members can be directly responsible to repay their liabilities if they were a co-signer on a loan, or if they were named on a joint bank account.
It’s Not for You, It’s for Your Family
Coming to terms with the passing of a loved one is enough of a burden. What you may not realize is the mountain of tasks and decisions that your family will face in the event of your death or incapacity. In the absence of an estate plan, the headache and heartache that comes along with these tasks are only made worse. Making a will takes the pressure off of family members to make decisions regarding what debts you have, the location and inheritance of your assets, funerary arrangements, and how your social media accounts should be handled. In terms of incapacity, discuss how your non-married partner may be at risk of being kept in the dark regarding your medical records and healthcare decisions without a healthcare power of attorney or HIPPA release.
Make Your Memorabilia More Meaningful
We all got stuff, and if we are lucky, some of it even means something. Whether it is because of its sentimental value, impossibility to replace, or costs a pretty penny, you probably have a good idea of what you don’t want to happen to your stuff already. However, do you have an idea of what you DO want? Creating a will remains the best way to ensure your favorite things are given to people or organizations who will treasure and respect them accordingly.
Be Your Own Boss
Millennials tend to focus on the present rather than the future. However, it’s time to face the facts; no one is immortal. Not many do, yet so many die before they should, a fact that underscores the very nature of death; you cannot delay death like you maybe would with the dentist. When confronting mortality, focus on general wishes is a good start. A person does not need to plan their funeral to perfection, but knowing if they want their body buried, cremated, or donated is a starting point to get you thinking. From there, you can arrange the songs you want played at their memorial service as well as deciding on flower options at your funeral.
You have already planned and fantasized about dream vacations, weddings, and homes. Is it really that unthinkable to plan your funeral? Learn more about how to better prepare for your future. Consult with one of our experienced attorneys today by scheduling an appointment at (614) 452-9724!
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