Why do millennials need to create an estate plan?

On Behalf of | Oct 3, 2022 | Estate Planning |

Estate planning in Alabama is often associated with older or extremely wealthy people, and millennials often do not consider themselves to be part of either demographic. For this reason, millennials may scoff at the idea of having an estate plan. But there are many reasons that estate plans benefit all adults, including millennials.

You can designate decision-making for medical and financial decision

When you plan your estate, you can choose a medical power of attorney and a durable power of attorney. A medical power of attorney documents your preferences about your health care when you are incapacitated. A durable power of attorney makes decisions about your financial decisions. These conditions represent examples of conditions that may cause you to need a medical or durable power of attorney.

  • Strokes
  • Alzheimer’s or dementia
  • Comas
  • Complications while under anesthesia

Student debt payback decisions can be incorporated

Millennials increasingly feel burdened by student loans. This is why using estate planning to take care of your student loans is a popular choice for this generation. By specifying how your loans will be paid for, you spare your children or other loved ones the difficulty of worrying about your debt after your death.

Pets and children can be protected

Whether your children are human or the furry kind, you can use estate planning to specify their caregivers in the event of your death. These caregivers take responsibility for medical care and general support for your loved ones.

Estate planning can be tailored to your lifestyle

If you are a millennial who believes that estate planning is only for the older and wealthy members of society, consider that estate planning is designed to be flexible. A good estate plan carefully examines the part of your life that matter most and helps you design a plan to protect it in the event that you can no longer speak for yourself.