When millennials in Nevada hear about estate planning, they may think that it applies only to older individuals or those who have a family to protect. The truth is that everyone should be concerned about estate planning, regardless of age and current wealth.
One reason why millennials should be interested in estate planning is that their estate may be larger than they think. A person’s estate is not just their bank account. It includes life insurance policies and property they own, like vehicles and homes. It is anything that they have inherited or will inherit. Millennials would do well to make plans now to see that their assets are passed on to their chosen beneficiaries.
Many employers offer their employees retirement accounts and life insurance policies as part of their employment package. Young employees typically name their parents as their beneficiaries. Millennials should adjust their beneficiaries based on changes in their life circumstances. Keeping abreast of one’s beneficiaries will avoid confusion in the future.
An important part of estate planning is deciding what will happen when a person dies. Estate planning prevents other people from making decisions that are contrary to one’s personal belief system. There are a number of decisions that have to be made quickly after death. Laying out one’s wishes will take the burden off loved ones by providing them with the direction needed to make the proper decisions.
Will planning and estate planning are complicated. Millennials who are considering taking this step may wish to speak to an attorney in this field. An attorney may give advice on how a client can choose their beneficiaries and see that their end-of-life wishes are followed.