Millennials Need to Think About Creating an Estate Plan
Oct. 25, 2018
Many Myrtle Beach millennials have not taken the time to consider creating an estate plan. Most think an estate plan is for people who are older and nearer the end of their life. The truth is that almost everyone can benefit from an estate plan.
Almost 60 percent of Americans have not taken the time to create an estate plan. This can be a problem for those who have children and even those who do not. Although we all assume we will live forever, an unexpected accident can occur that leaves a person incapacitated or deceased. An estate plan offers protection for a person’s assets, along with their medical wishes and plans for their children in case the unexpected occurs. Only 36 percent of adults with children under the age of 18 have an estate plan in place. Millennials are overlooking the importance of having a will. With a will, a family can name who they want to take care of their children. Without a will, the court decides. In addition, a will can include who will receive assets and what medical care a person would want if they’re incapacitated and unable to communicate their wishes.
A family who has not created an estate plan should understand the importance of such a task. A legal professional who is skilled in estate planning can help their client create a plan for their unique needs. An attorney understands estate law and how a will or trust can help their client’s situation. They also understand the importance of having a plan in place in case the unthinkable happens.
Although no one expects they will die unexpectedly, unfortunately thousands of families in the United States are affected by the unexpected death of a loved one. Having an estate plan in place can help lessen the stress a family has to face following this tragic occurrence.