When people hear references to the Millennial generation, they may think of young kids attached to their smartphones. However, if you are between the ages of 23 to 37, you fall into the category of the Millennial generation. While you may still have a great deal of your life ahead of you at your current age, it may still prove wise to plan for the end.
Estate planning can have its benefits for adults of any age. You may have children, accrued assets or simply understand the importance of making vital decisions ahead of time. After all, you could find yourself in an accident that results in your incapacitation or even death at a relatively young age.
Incapacitation means that you no longer have the ability to care for yourself or make important decisions for yourself. You could become incapacitated at any age due to an accident that leads to serious injuries or due to developing a serious illness. If this occurs, you certainly do not want just anyone in charge of your medical or financial decisions. Fortunately, estate planning can help you.
By creating a living will, you can dictate how you want your medical care handled in certain situations. For instance, if you are in a vegetative state or otherwise close to death, your living will can indicate whether you want to receive life-sustaining treatments, resuscitation efforts or other actions to prolong your life. On the other hand, you may also state that you do not want to be kept on life support if that is your wish.
When it comes to having someone or multiple individuals making decisions on your behalf, you need to have the proper documents in order. A power of attorney document can allow you to appoint a person to handle your financial affairs should you no longer have the ability. This individual will handle your bills and other financial aspects that need addressing.
For your health care decisions, you can utilize a health care proxy. You may find it wise to discuss your wishes with your designated agent beforehand so that you can ensure that his or her choices would align with your wishes.
Of course, you may want to look into other estate planning tools as well, such as a will or trust to distribute your assets and name a guardian for your children. Consulting with an attorney could help you understand how estate planning could benefit you.