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Two estate planning documents millennials should have

You may be young, carefree and single, and estate planning is probably the furthest thing from your mind. What happens, though, if you should suffer serious injury in a car crash or become disabled through a cycling accident?

Accidents can happen to anyone at any age, and if you prepare for the unexpected, your mind will be at ease. Here are two estate planning documents you should consider.

The advance health care directive

Your advance health care directive actually includes two documents. The first is a living will, in which you can spell out your wishes for medical care. The second is a health care proxy, in which you can name someone you trust to make medical decisions for you in the event you become incapacitated. The directive will contain important instructions, such as the type of medical care you want to receive if you are in a vegetative or terminal state. An estate planning attorney can help you with this and explain the laws in Georgia concerning who can legally act on your behalf.

The durable power of attorney

This is the financial side of decision-making in your stead. You can use the durable power of attorney to name the person you believe would do a good job handling all your financial affairs if you cannot do so yourself. Most people name a family member or a trusted friend.

Additional thoughts

These two documents are important for everyone to have, including young people. As a millennial, you are likely focused on your career and other pursuits you find interesting at your stage of life. You may not need a will, especially if you do not yet have much in the way of assets. However, in getting together with an attorney to set up your health care directive and power of attorney, you might want to explore other estate planning options. After all, changes happen as you go along in life, and you will not be in a millennial frame of mind forever.

 

 

 

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