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Estate Planning for Millennials

Mockaitis Law Group LLC June 30, 2019

The millennial generation has turned many concepts that previous generations held onto upside down. While there are several positive things that may come from this, there are times when Illinois millennials could learn from their older counterparts. One of the things that many young people mistakenly associated with something needed only by their grandparents or maybe their parents is an estate plan.

As explained by the Chicago Tribune, anyone can benefit from an estate plan – even a healthy 25-year-old. Many people might think only of a will that outlines who will get what after a person dies when they think of an estate plan. That, however, is an antiquated view on the matter. One thing that millennials should consider is what will happen to their online identities when they die. A modern estate plan can identify who will have control over everything from their music streaming account to their social media profiles.

Another thing to consider is documenting who should have the ability to make medical decisions on their behalf if they should ever be unable to do so for themselves. The same is true of making financial decisions for them. A single car accident can render a young person incapacitated, necessitating another person to manage these affairs even if only temporarily.

If you would like to learn more about how to create an estate plan that fits your stage of life and can evolve as you move through life, please feel free to visit the estate planning for millennials page of our Illinois estate planning website.