If you are a young professional, your days are no doubt very full. You are focused on your career, you enjoy time with your friends and you are into experiencing what life has to offer in terms of new people, places and things. If the subject of estate planning comes up at any point, you probably brush it aside, figuring you should not have to think about it for many years yet.
The fact is, however, that everyone should have an estate plan, and that includes millennials. Even if you are young and healthy, you need to develop a plan that will take care of you during your lifetime and protect those you love if you should pass away.
What is involved
You probably have assets, even if you do not think about them much. You might, for example, own a vintage Mustang and a pet bulldog. You may have purchased your first home and splurged on a couple nice art pieces. What is to become of these things if you should suddenly die? Your dog will need a good home. So will your Mustang and your fledgling art collection.
Here you have the makings of an estate plan. Through developing your plan, you can make arrangements for the care of Fido and state your preferences about the disposition of all your other assets in the event of your death.
Consider your business
Are you in business for yourself? As an entrepreneur or small business owner, you should think about protecting your company and your intellectual property. You may have trademarks, copyrights and important documents stored in the cloud. Through your estate plan, you can take steps to preserve these elements and ensure your business lives on after you.
Becoming a family
You might be single now, but that could change. You could marry and start a family, at which time you will find yourself more attuned to the idea of estate planning. On the other hand, you might live with a partner, and although you two are not contemplating marriage, you may want to give your partner the right to oversee your estate.
The bottom line is that when it comes to the future, age shouldn’t be your only concern. When you think about your life and its many facets, estate planning begins to look like a good idea, even if you are a young, healthy millennial.