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Do Millennials Need an Estate Plan? Your Miami Florida Probate Attorney Says, “Yes”.

On Behalf of | Nov 5, 2019 | Firm News

All too often, Millennials believe estate planning is not necessary for them. However, every Miami, Florida, probate attorney will advise that, even at this life stage, it is essential.

There are many reasons why Millennials think estate planning is not for them. They think it is too soon to think about dying. After all, they are still young and healthy. There is also a common misconception that estate planning is only for people with children. Also, many young adults think they have insufficient assets. Therefore, they do not need to be worried about planning for the distribution of their estates. Those assumptions appear valid. However, any Florida probate attorney will say estate planning is something you ignore at your own peril.

Why Do Millennials Need to Think About Estate Planning?

There are many reasons why Millennials need the help of a Miami, Florida, probate attorney to develop an estate plan. Here are some of them:

  • Advance Directives and Healthcare Proxies. Even young and healthy people may be incapacitated temporarily. They may experience a serious illness or find themselves in an accident. A health care Power of Attorney will make sure the courts adhere to their wishes. It will also ensure that a trusted person has the power to make decisions on their behalf.
  • Unmarried Couples Provisions. People of the Millennial generation usually marry later in life. However, that does not mean they aren’t in a committed, long-term relationship. Young people in this position have none of the legal protection offered by a marriage. A Miami probate attorney can help draw up documents to give unmarried couples provisions. Unmarried couples can benefit from financial and health care power of attorneys. They may also choose to title their property with a right of survivorship. This would prevent leaving the unmarried partner without any assets in the event of intestate succession.
  • Providing for Nonmonetary Assets. Assets aren’t necessarily all about valuables and money. In many cases, personal property has more value to loved ones after their death. Not having a will and personal representative in place leaves the distribution of such items to chance. Also, sometimes, Millennials discover they have more financial assets than they realized when answering their Florida probate attorney’s questions.

Nobody Can See the Future

Everybody wants to think he or she will live a long and healthy life. However, that may not be the case. Unexpected events can arise and being prepared is key. Around one out of every thousand people in the United States dies in his or her 20s. For those in their 40s, that figure doubles. Investing in estate planning gives you peace of mind that, should the worst happen, the court will carry out your wishes. It will also guarantee the protection of the loved ones you left behind.