If you’re a millennial in Michigan, you may not have thought about creating an estate plan. As a legal adult, estate planning is essential to ensure your last wishes are met when you die. In addition, it’s also critical to plan for the future if you become incapacitated and can’t make your own decisions.
Designate someone to make health decisions for you
When you’re healthy and young, you probably don’t think about the importance of designating someone you trust to make health decisions on your behalf if you become incapacitated. Nevertheless, you must take this step to ensure you have some control over what happens to you when you can’t make decisions about your health. Adding this factor to the actions you take to complete your estate plan is an excellent way to prepare for severe health problems in the future.
Ensuring your financial affairs are in order
If you become severely ill and can’t take care of your bills or mortgage, having someone designated to handle your financial affairs can be helpful. Appointing a trusted person to act as your agent by giving them a Power of Attorney can be an essential piece of the estate planning process. In addition, accounting for digital assets and naming beneficiaries is also vital to ensure they don’t get lost.
Safeguarding the welfare of your children
Adding a will to your estate plan is also helpful if you have children. Without one, the state will likely decide who will take care of them. Leaving this up to someone other than yourself may not be in your children’s best interests. Similarly, if you have pets, ensuring they are taken care of can be done with this process.
If you’re a millennial who hasn’t thought about estate planning, getting started soon can be worthwhile, especially if you have a mortgage, digital assets or children.