Not having an estate plan is a failure to launch. The time to plan is now!
Here’s a quick guide to key estate planning steps tailored to all millennials out there.
As a millennial, you’re shaping the future. It’s time to protect your own—because adulting is hard enough without worrying about what happens next.
- Pick Your Decision-Makers If you become unable to make decisions due to illness or injury, no one can step in without legal authorization. Choose who will handle your finances and healthcare by setting up a financial power of attorney and a medical power of attorney. You wouldn’t let just anyone pick your Netflix queue—don’t let them pick your life choices either.
- Review Your Employment Forms Make sure your beneficiary designations for life insurance and retirement accounts are up-to-date. Incorrect or missing information could lead to your assets going through probate, delaying and complicating matters for your loved ones. Think of it like filling out your online dating profile—details matter!
- Decide on Life Insurance Beneficiaries
- Individuals: A lump sum can be vulnerable to creditors or mismanagement. Imagine someone blowing it all on avocado toast or a girls’ trip to Vegas.
- Trust: Provides protection and control over how funds are used. It’s like setting up parental controls for your money.
- Charity: A meaningful way to leave a legacy. Plus, you can finally prove that you’re as philanthropic as you claimed on Instagram.
- Name Your Retirement Beneficiaries
- Spouse: They may roll the account into their own for better asset protection. The ultimate “what’s yours is mine.”
- Minor Children: Consider setting up protections for when they reach adulthood. You don’t want them cashing out to buy the next viral gadget.
- Trust: Helps manage distributions and protect funds from creditors. Because sometimes, your money needs a babysitter.
- Charity: Reduces potential estate taxes. Giving back while keeping Uncle Sam at bay.
- Have a Plan If You’re Unmarried Without a plan, state laws decide who inherits your assets, often leaving out significant others. Ensure your estate plan reflects your wishes. Don’t leave it to an accidental disaster like your last Hinge, eHarmony or Tinder date.
- Don’t Forget Your Pets Appoint a caregiver and consider setting aside funds for your pet’s care. You can even establish a trust to manage these funds and ensure your pet’s well-being. Because let’s face it, your fur baby is your real soul mate.
Start Planning Today. Thinking about the future can be tough, but planning now ensures peace of mind. Call us today, and let’s adult together—without the stress.
Andrea L. Jakob, PA is located at 12401 Orange Drive, Suite 219 in Davie. They can be reached at 954-862-1479 or on the at www.jakoblegal.com.
