When people think about estate planning, they usually believe it is not necessary to do so until they are older. However, anyone can create an estate plan at any age, and it is beneficial to do so as soon as you begin to acquire your own assets. Continue reading below and contact an experienced California estate planning attorney to learn more about how to do so.
Protecting a Partner
Many millennials get married at a later age than previous generations used to. However, you may still be involved in a long-term committed relationship. If they are, they may wish to protect this individual. While marriage provides spouses with certain benefits in estate planning, unmarried partners have to be explicitly given these rights. This can include the following designations:
- Durable power of attorney: Allowing a partner the right to act as an agent to act on your behalf for financial and legal matters if you are unable to do so themselves.
- Medical power of attorney: Allowing a partner to make medical decisions on your behalf if you are unable to do so themselves.
- Will or trust: Naming a partner as a beneficiary so they can be entitled to your property.
- Beneficiary designations: Naming a partner as the beneficiary of retirement accounts, life insurance, stocks/bonds, etc.
If you have children, you should make sure there is a plan in place that protects them in the event that you are no longer around to do so. This can be done by using a will or trust to designate what happens to your property when you die and where these assets will be distributed. In addition to this, name a guardian to care for your children if you die when they are minors. A financial guardian can be appointed as well to handle their finances until they become legal adults.
Protecting Digital Assets
Millennials grew up in the digital age. As a result, most have amassed a significant amount of digital assets. This can include social media accounts, electronically stored data, financial accounts, pictures, videos, loyalty programs, airlines pints, etc. It is important these assets are taken care of. This can be done by preparing a detailed list of the accounts you have along with usernames and passwords. Be sure to appoint a digital executor who will have access to these accounts and distribute them accordingly if necessary.
Contact our Firm
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Office of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.