It is all too easy for someone who is still in their twenties or even in their thirties to put off creating a will, a trust or outlining other important matters. Generally speaking, estate planning has been thought of as something only needed by someone much older. However, the reality is that estate planning is very important for people of all generations.
As explained by Think Advisor, our current culture and societal challenges with mass shootings and other things show that death can happen to anyone, anytime. Some younger millennials may not think that they have enough assets to worry about making a will for but an estate plan can address a great many other topics that are likely pertinent to them.
For example, one element of a solid estate plan is outlining who would have the right and responsibility to make health care decisions for someone if they are not able to. If you are involved in an accident and not conscious, someone would need to step in and help with your medical care and interact with health care professionals on your behalf. Managing your finances is another task that someone might have to do if you are suddenly not able to do this yourself. This is another thing that an estate plan can address.
If you would like to learn more about how to get started on creating an estate plan for your current and future needs and what factors to consider, please feel free to visit the millennials' estate planning page of our Virginia wills and trusts website.