Many people think that estate planning is simply for retirees or individuals that face health issues. Nevertheless, everyone should evaluate their estate needs, especially if they have assets to distribute after their death. Millennials in New Hampshire and elsewhere have many reasons to consider estate planning.
If a person dies without a will, and they do not have a spouse or children, their asserts will typically go to their parents after they pass. Since millennials are more likely to be at the beginning of their lives and less likely to have children or a spouse, their assets are more likely to go to their parents after death. As such, millennials hoping to avoid this situation should speak with an estate planning attorney to ensure that the proper parties receive their assets after they pass.
Since millennials are likely starting new careers, it is probable that they are also establishing new 401(k) accounts for their retirement. However, many 401(k) plans require that accountholders designate a beneficiary to receive their assets after they pass. As such, millennials need to think about how their beneficiary designation might impact their estate wishes.
Unexpected health issues
Individuals of any age can face unexpected health issues. As a result, it is important for millennials and others to prepare with an advance directive that conveys their end-of-life wishes in the event that they face an unexpected health problem. Moreover, a will should also be in place so that assets are properly distributed if the worst-case scenario happens.
Millennials should also begin estate planning early because this will put them in the mindset of ensuring that their estate wishes are in place during each period of their lives. However, it is important to speak with an experienced estate-planning attorney to begin this process as soon as possible.