Monday, September 9, 2019
No matter the debate among other generations, millennials are legal adults. As such, they need all the same documents any other adult would need, including a will, a durable power of attorney and a living will. A Durable Power of Attorney names an agent to act on your behalf with respect to financial and other decisions in the event of incapacitation, which could happen to anyone, no matter their age. Depending on their personal circumstances, they may even need more intensive planning.
If a millennial's only assets are joint owned or already have designated beneficiaries (such as a bank account), there may be no need for a will; of course, always confer with an estate planning attorney.
As the most digitalized generation that was essentially raised online, a millennial may want extra care with their digital assets. Maybe they want their Facebook page memorialized or a financially successful blog continued or even photos that have no physical medium to be distributed. A consice list of user names and passwords should be compiled along with instructions for the corresponding account, or utilize a reputable service to do so.
Millennials commonly adopt pets before (or even instead of) having children, so putting together a pet trust may be necessary. Without one, a cherished fur baby may end up with a caregiver that does not provide for the pet as the owner would have intended.
See Rebecca Wrock, Estate Planning and Millennials, Varnumlaw, September 9, 2019.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.