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Do millennials really need an estate plan?

If you are one of the many millennials in California, you may not have yet thought about making a will, trust or other form of an estate plan. The farthest you might have gone in this direction to date may be identifying a beneficiary for your employer-sponsored 401K plan. However, it is actually wise for you to give serious thought to more than just that.

As explained by NerdWallet, estate plans are not just for people nearing retirement age. The fact remains that a person can die at any time, making the need for a trust or will important even at a younger age. Death is not actually the only time when estate planning documents may come into play either. An accident may render a person unable to make medical decisions for themselves. At times like these, a medical power of attorney or an advanced directive can be highly valuable. This document allows someone else to make important choices for your health care when you cannot.

If you live with but are not married to your significant other, you may want also to investigate setting up a power of attorney so that person can take over any financial matters on your behalf should that ever be needed. Rights automatically granted to one person in a married couple are not automatically granted to co-habitating persons.

This information is not intended to provide legal advice but is instead meant to give millennials in California some details about how creating an estate plan at this stage of life can benefit them and their family members.

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The Law Office of Matthew C. Yu
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Torrance, CA 90505

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