Some of the first images that come to mind when you hear the words “will” or “estate” may be elderly couples, mansions, or vast amounts of land. Rarely does one think these things will become pertinent before the age of 45. The truth is, estate planning can be important much earlier in life! Millennials have a few common things to consider when it comes to planning for their estate: homeownership, guardianship, healthcare decisions, etc..
If you have bought a home or purchased a couple acres of land, you are more than qualified to begin the estate planning process. Frankly, any large asset that isn’t included in a will or trust can become an object of divisiveness for your family should something happen to you.
Similarly, your children could be left without a legal guardian (or proper guardianship) unless you specify how and by whom you’d like them to be cared for.
Married and unmarried partners alike run the risk of being kept out of healthcare decisions if they don’t establish a healthcare power of attorney. Preparing for unexpected tragedies can relieve the burden of making decisions amidst grieving and/or adjusting to new family dynamics.
Reach out to an estate planning expert at Celaya Law who can help you decide how to best prepare for your future.