Long Island, NY Estate Plan Attorney Discusses Estate Planning for Millennials
Millennials are no longer the young crowd. In fact, more are entering the workforce – and have been for some time – and are getting to the point in their lives when planning for retirement is necessary. Even if you were born in the 80s or 90s, you are not too young to start your estate plan.
Estate planning is not just for retirement; it is all about the unexpected. If you were in an accident, for instance, it would not matter how old you are. It’s important that someone be able to make healthcare decisions on your behalf, or take care of your financials when you cannot.
So, regardless of where you land in the Millennial age group, there are estate planning to-do items to tackle now.
Essential Tips for Millennial Estate Planning
- Designate a Legacy for Online Accounts: Most of your online accounts, like Google and Facebook, have a person to whom you give your legacy. That person is then in charge of your account upon your death or incapacitation. Your digital life is part of who you are, so it is imperative that you assign a legacy to protect it.
- Have an advanced healthcare directive. Even if you do not want to plan for retirement or sit down and go through a lengthy estate plan, having a healthcare directive is important. An Advanced Health Directive is one that explains what your medical care wishes are if you are incapacitated. This is then placed in your medical file so that a doctor knows what procedures can and cannot be done for you. For example, you may not want to live with a feeding tube or only by ventilator.
- Start saving for retirement no matter how far away it seems. Saving for retirement is not something that an average 20-year-old or 30-year-old thinks about, but should. The earlier you start saving for retirement, the better you are preparing for your future self.
- Have an investment plan in place. To ensure you are saving, open a Roth IRA, or have a 401(k) through your employer. Savings account interest is not enough to earn anything worthy of retirement, so having an investment plan in place could yield a return that grows your retirement savings quickly.
- Start thinking about beneficiaries. Even if you are not ready to draft a full-fledged estate plan, you may want to think about recipients. If you are unmarried with no children, who would you want to inherit your assets now? Some Millennials leave their property to their parents, others leave it to siblings, and some opt for a charity. By designating beneficiaries, you can ensure that your assets go to where you want, rather than where the court decides.
Get a Jumpstart on Your Estate Plan by Meeting with an Estate Planning Attorney
No matter where you are in your Millennial life, now is the time to start planning. From digital assets to taking care of the retirement savings you have begun, the Law Office of Andrew M. Lamkin, P.C. can help protect it all.
Schedule your free initial consultation with an estate planning lawyer at 516-605-0625 or request an appointment online.