Most Colorado millennials are concerned with paying rent, saving up for a down-payment on a home, and paying off student loans. Estate Planning is the least of their concerns and thinking about their death is not on the horizon. Contrary to what millennials may assume, Estate Planning can be a very simple process and require preparation of just a few documents.
Estate Planning includes more than just deciding how to leave your assets at your death. Estate Planning also can include memorializing your medical wishes should you become unconscious, designating people to make medical and financial decisions for you when you are unable to do so, and deciding who can access your digital and online accounts and when they should be authorized to do so.
- 3,287 people per day die in car accidents? (ASIRT.org)
- In the United States, 2.35 million people per year are injured or disabled in car accidents? (ASIRT.org)
- You have a 24% chance of becoming disabled for 3 months or longer during your working career, and a 38% chance that your disability will last 5 years or longer? (Council for Disability Awareness)
- If you are over the age of 18, your parents have no legal authority to make medical or financial decisions on your behalf if you are unconscious or in a coma?
- Who would control your financial affairs if you were unconscious?
- Who would make medical decisions on your behalf if you were unable to communicate your wishes?
- Do you want to allow your doctor to determine how long you stay on life support or are administered artificial nutrition and hydration?
- Who would take care of your pet if you were to predecease them?
- What would you want to have happen with your digital assets after you die?
Gendelman Law Group understands the unique needs of millennials in estate planning. Millennials may not need a will, trust, or complex estate planning. But, everyone over the age of 18 at least should have the following in order:
Living Will: A Living Will is also known as a “Declaration as to Medical Treatment” and allows a person to specify their wishes regarding life support and artificial nutrition and hydration when they are suffering from a terminal condition or are in a persistent vegetative state (a coma).
Financial Power of Attorney: A Financial Power of Attorney is a document that authorizes someone to act on your behalf with respect to financial matters.
Healthcare Power of Attorney: A Healthcare Power of Attorney (also known as a Medical Power of Attorney) is a document that authorizes someone to act on your behalf with respect to making healthcare decisions.
Millennials may also have bank accounts, life insurance policies, investment retirement accounts (IRAs), and 401k’s that can be addressed using simple estate planning tools such as beneficiary designations.
To help Colorado millennials with their unique estate planning needs, Gendelman Law Group offers flat-rate packages, which can be found here. Call Gendelman Law Group now at 720-213-0687 to learn more about estate planning for Colorado millennials.