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What do Millennials Need to Know About Creating an Estate Plan in New York?

What do Millennials Need to Know About Creating an Estate Plan in New York?

It is understandable that the majority of people may not feel as if they need to create an estate plan until they are much older. However, life is unpredictable and no one ever knows what tomorrow may bring. It is because of this that it is important to have an estate plan prepared as soon as you begin to acquire your own assets. It can be beneficial at any age. Continue reading below to learn more about how this can be done and contact an experienced New York estate planning attorney for assistance. 

Protecting a Partner

In recent years, many millennials tend to get married at a later age than generations of the past used to. While this is true, they may still be involved in a long-term committed relationship. If you are in this situation, you may want to protect this individual in the event that anything happens to you. Marriage provides couples with certain benefits and rights that unmarried partners do not have. It is because of this that you have to explicitly state these rights within your plan. This can include:

  • Durable power of attorney: This allows a partner the right to act as an agent to act on your behalf regarding financial and legal matters.
  • Medical power of attorney: This allows a partner to make medical decisions on your behalf if you are unable to do so themselves.
  • Will or trust: This names a partner as a beneficiary so they can be entitled to your property.
  • Beneficiary designations: This names a partner as the beneficiary of retirement accounts, life insurance, stocks/bonds, etc.

Protecting Dependents

As a parent, you would clearly want to make sure there is a plan in place that provides protection in the event that you are no longer able to do so yourself. This can be done by creating a will or trust to state what happens to your dependents when you die. In addition to this, name a guardian as the person who will care for your children if they are still minors upon your death or incapacitation. A financial guardian can also be appointed to handle their finances until they become legal adults and can do so themselves.

Protecting Digital Assets

Millennials grew up in the digital age, thus leading them to most likely manage a significant amount of their life online. This often results in many digital assets, such as social media accounts, electronically stored data, financial accounts, pictures, videos, loyalty programs, airlines pints, etc. It is important that a plan is put in place to ensure these assets are taken care of. This can be done by creating a list of the accounts you have including usernames and passwords. Also be sure to appoint a digital executor who will have access to these assets and distribute them according to your wishes. 

Contact our Firm

The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.

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