FOUR REASONS MILLENNIALS NEED AN ESTATE STRATEGY
Estate strategies are not just for the elderly. Although you may not have many who rely on you, or have much in savings, setting up an estate strategy will help you prepare for the future. It is far easier to begin as you mean to carry on – creating a plan that grows with you can only bring peace of mind. Here are four reasons millennials need an estate strategy and should prepare now:
You need a will. Although you may not have many physical assets to pass on, you should consider what will happen to things like your social media accounts, collectibles, vehicles, and other items. A will allows you to select who should manage these things.
Plan for funeral expenses. Unfortunately, funerals can be a costly service, and if you do not have the savings to pay for it, it will become the responsibility of someone else.
Create medical directives. These are important forms that allow you to specify what you would like in your end-of-life care. Although you may not be worried about old age, you should consider what may happen in the case of an accident, and prepare for the level of care you would want to receive.
Create a durable power of attorney for health care. In the event of an accident or event where you can no longer make decisions on your own, this allows for a specified individual to act on your behalf.
Although these take time to plan out, they are usually achievable even within a small budget. Consider setting plans for yourself, especially in the case of medical directives and power of attorney. These will ensure that your end-of-life care will be managed according to your wishes. This can also help prepare your family for how to manage your departure, rather than disagree over where you would wish for your things to go.
At FSG, we help our clients plan ahead so that daily living is free of the burdens that the unknown “what ifs” might bring. Call us today for a consultation, and we’ll guide you through an appropriate plan that considers your long-term financial goals.