Why you need a plan for your private student loans, retirement accounts or the property you own.
Many millennials think that estate planning is just for the rich and famous—or at least the old and the wealthy. But with millennials taking on more student loan debt than ever, not to mention acquiring property and retirement accounts, there is a need for people of all ages to redefine their views of planning for the future. Since estate planning is valuable for people from all generations, here are some questions to help get you thinking about estate planning.
Who will inherit your home and other assets?
If you are a homeowner or you have valuable assets like collector’s items, jewelry or even invested assets, consider how these valuables will be distributed Without an estate plan, the determination of who gets what could be decided in probate court, a longer, costlier alternative. If you’re a young business owner, you will need to document in your plan how the business will be succeeded after you are gone. Think about to whom you want to leave your money, belongings, and document it legally through the estate planning process.
What will happen to your debt?
Whether you have a mortgage on your home, private student loans, or other private loans for various items, the debt that remains after you die will be left to someone close to you. Don’t let your loved ones shoulder that burden. Consider obtaining life insurance so that your beneficiaries can account for any liabilities. In addition, you should name an executor to determine how these creditors will be paid, and how to keep your family and loved ones unaffected by the debt that was left behind.
Who will make your medical decisions?
Estate planning also involves setting up a living will. Your living will outlines your medical wishes if you are left unable to communicate. It documents end-of-life treatment so your loved ones and doctors don’t have to make any uninformed decisions about your health or treatment. Beyond your living will, your last will and testament will include the financial power of attorney who will handle decisions and solutions to the two questions above, as well as list a number of other key players to guide this process.
Regardless of your wealth or marital status, accounting for your estate should be part of your long term plan—and it’s not as complicated as you think. The real estate attorneys at Anselmo Lindberg & Associates are ready to help. Contact us today.