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What millenials need to know about estate planning

California is full of millennials. Many have lofty dreams for their futures that include entrepreneurial ideas, post secondary education, traveling the world and more. Some will marry, have children and live simple lives in the country somewhere. How many, though, will take time for estate planning

Many millennials typically think of elderly people when they think of planning estates. They often shy away from discussing their own mortality. However, there are those who understand that it's never too soon to execute a solid plan to protect one's assets, document personal instructions regarding one's health and finances, and otherwise look to the future with as much hands-on control as possible.

These are some of the benefits of careful estate planning. Another topic of importance, that wasn't an issue a century ago, is protection of digital assets, something young adults living in an online-connected society will want to consider if their goal is to be as thorough in planning for the future as they can. Designating people to make decisions and have access to private online accounts may be a key component of modern estate portfolios.

Also, answering questions, such as who will take care of one's pets and/or what arrangements are necessary should an illness or accident result in incapacity are important issues for many young adults in the 21st century. For millennials and others, a California probate and estate administration attorney can address all aspects of estate planning. Chances are, the time for actually administering the estate of a millennial is many decades away yet, but there are still important considerations to address now. 

Source: bizjournals.com, "Guest Column: It's never too early -- Estate planning for millennials", Marilyn Maag, Kyle Schrodi, Porter Wright, April 12, 2017

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