For millennials, retirement might seem like a long way off, and worries about your estate are an even distant concern. While many younger individuals don’t yet have assets or potential heirs to share them with, some do, and that makes estate planning an important consideration. Even if you haven’t built up any wealth and aren’t concerned with caring for beneficiaries, there are two estate planning documents everyone should consider having on file.
The first is a durable power of attorney. This document lets you appoint someone to handle certain financial matters for you if you are ever unable to do so. While many people associate POA powers with someone who has aged and is unable to continue handling his or her own affairs, this document can come in handy during temporary emergencies too.
What if you are injured in a car accident, for example, and are in the hospital for days or weeks? You might be unable to pay your bills, receive and deposit paychecks or handle other basic financial tasks. If you have a durable power of attorney in place, then a trusted friend, family member or professional can handle those tasks for you.
The other form everyone should have is the advance health care directive. This form lays out your wishes for end-of-life medical care, such as whether you want to remain on life support or be given life-saving measures in certain situations. This form ensures your wishes are adhered to and removes the burden of making such decisions from your family.
No matter how old you are or where you are in life, some estate documents are a good idea. Speak with an estate attorney to understand what documents might be beneficial to you now.
Source: Nerd Wallet, “2 Estate-Planning Documents Millennials Need,” Rachel Podnos, accessed July 01, 2016