Millennials are part of a generation that has grown up with immediate access to nearly every piece of information imaginable. Downloading music, looking up resources for a research paper, finding a restaurant and even meeting new people are all things that can be done pretty easily by people who grew up with the internet and smartphone technology.
Because of this, thinking about the future and making plans for things that haven’t happened may not be on a young person’s radar just yet. However, planning ahead and can be crucial for millennials. In this post we will look at why it can be so important for young people to have at least a couple types of estate planning documents in place.
As noted in this article on nerdwallet.com, an advance health care directive and a durable power of attorney are two legal documents that can protect adults of any age. The health care directive allows someone else to make health-related decisions for you while the durable power of attorney allows someone to manage your finances on your behalf in the event that you are incapacitated.
Now, if you are young and healthy, you may see no reason to think about these types of situations. After all, you may have no health problems, and your parents might still take care of certain matters for you. Further, you may not be at a point where you have significant financial obligations and/or resources.
However, as uncomfortable as it is to think about, people get sick or hurt unexpectedly and can go through a period of time when they cannot take care of themselves. Rather than assuming someone else will do what you would want them to do or dismissing the financial obligations you do have, including student loans, rent and bills, you can be proactive.
Completing these two legal estate planning documents will make it easier on you because you will have the peace of mind in knowing that your care will be handled by someone you trust. It can also be a source of great relief to your loved ones who may not know what you want or what they will be expected to do if you are incapacitated. For both reasons, it can be crucial to protect your wishes with these basic planning tools.