Millennials in Texas may not want to think about estate planning, but they really should; it’s a good idea for every adult to at least have a last will and testament. A will allows you to distribute your property and name guardians for children if you have them. Not just meant for wealthy people, estate planning is a necessity more than a luxury.
Other estate planning documents
Another big consideration for any adult is what will happen if they become incapacitated. It’s important to plan for a situation where you are in the hospital, perhaps in a coma, and decisions need to be made about your care. Estate planning documents for these eventualities include durable power of attorney, a patient advocate designation and a living will. They name people who will make decisions about your health care if you can’t.
Finally, millennials need to think about their footprint online. These days, it’s possible to appoint someone to manage your social media in the event of your death. Some people want their pages left up, and others prefer that they be deleted. All of this should be spelled out somewhere. Other online assets may need to be managed, too. This could include financial accounts or online checking accounts. Make sure to list passwords somewhere secure and provide instructions about how to locate them.
No matter how old you are or how many assets you have, it’s prudent to get help with your estate plan. An experienced lawyer may explain how to word your will and other documents so that they accomplish what you want them to. Also, remember that estate plans need to be updated for major life events like marriage. A lawyer may help with this, too.