Estate Planning For Millennials
Whether you’re 23 or 36, it’s never too early or too late to start planning your estate. Many millennials are most likely now out of college and entering the workforce, dealing with many unfamiliar financial planning vehicles like 401k plans, pensions, and stocks. But, your estate is much more than that. It’s planning out what you want to do with your record collection, the environmentally-friendly casket you want, and who gets access to your social media.
Estate Planning 101
As your income, family, and needs, start to grow, the more vital estate planning documents become. Here are some of the estate planning documents you’ll need to start building a foundation:
- A last will and testament: This describes how you want your assets divided up after your death. Even creating a simple will can help if you become seriously ill or die in the middle of an adventurous backpacking trip. Your assets can be anything from the property you own, to your social media accounts.
- Creating a pet trust: If you don’t have kids, you can appoint your bird, cat, dog, or rabbit as a beneficiary, otherwise, your pet could be treated as property. Creating a pet trust designates a trustee and a caregiver to your furry (or scaly) friend. You can even assign a portion of your life insurance to your pet.
- Life insurance: You may think you’re too young for a life insurance policy, but it can be very beneficial if you pass away at an untimely age. Funerals are costly, and life insurance is cheaper the younger you are. It’s especially useful if you have kids or your employer’s insurance doesn’t offer good enough benefits
Technology and Your Estate
Apps: Millennials have a very different way of earning and saving money than older generations because of our affinity for our phones. A lot of people in their 20s have money-saving apps like Acorns, Stash, and Clarity. The information to access these apps is of course, very private, as it is connected to your bank account. Your login information and directions on how to use the funds should be included in a digital estate plan. You will have to appoint a digital executor as well, as this is different than your will. You should also have a running list of all the different banks and accounts you have open, as it’s common for Millennials to work with several institutions at once.
Social Media: So, what happens to all of your accounts when you die? It’s a lengthy process for your loved ones to get access to them and you can’t include your digital assets in a will. But, you’ll want to make sure your accounts don’t get into the wrong hands. Florida has adopted the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA), which basically allows an attorney or executor to manage your social media and privacy in the event you cannot. To plan for this, you can create an online vault of your usernames, passwords, who will have access to what information, and how you want your accounts to be handled.
Working With an Estate Planning Lawyer
No matter your age, the attorneys at Legacy Protection Lawyers, LLP will take a comprehensive look at your assets to create a thoughtful, effective estate. From wills to trusts to long-term care, it’s never too early to start planning. Call our St. Petersburg offices at 727-471-5868 or contact us online to schedule a consultation today.
Resource:
floridabar.org/the-florida-bar-journal/access-to-digital-assets-floridas-new-law-for-fiduciaries-what-are-digital-assets-and-why-are-they-relevant/
