Millennials are often so consumed with their career goals and family obligations that they do not give the creation of estate plans much thought. However, estate planning is an essential part of financial and life planning, even for young adults in the state of Texas. Creating an estate plan offers several benefits.
A comprehensive plan may include a health care directive that covers how a doctor should administer care in the event of one's incapacitation. The appointment of a durable power of attorney also makes sense. This individual typically oversees personal affairs and finances in the event of one's incapacitation.
Durable powers of attorney are especially important for millennials who are not married but are living with their romantic partners. Such an arrangement may be appropriate for them on a relationship level, but it poses a significant legal problem. Estate plans help to make sure that one partner can oversee the other partner's estate and/or care as needed. They also make it possible for parents to choose who will serve as their children's guardian if the parents end up dying while the children are still minors.
Estate planning can be complicated, particularly for those with multiple or high-value assets. However, without an estate plan in place, the state will end up determining what will happen to a deceased person's assets in Texas. An attorney can provide guidance on how to develop a well-constructed plan that will serve one's immediate and long-term goals while also ensuring the validity of the signed documents.
Source: csmonitor.com, "Millennials, don't forget estate planning", Winnie Sun, March 7, 2017