Few people wish to consider their own demise, but younger people have an especially strong aversion to thinking about death. That’s understandable, considering that young people in Georgia are focused on getting their careers off the ground, finding a partner and shaping their adult lives. Without proper estate planning, however, those life plans can become derailed swiftly. Millennials need wills and other estate planning documents, even if they don’t always recognize that need.
In regard to wills, passing away without one gives the state a great deal of power over how one’s assets are to be distributed. Many younger people assume that their assets will simply pass on to their parents, and that assumption is usually correct. However, without a will the parents are forced to go through probate, at a time they are already living through any parent’s worst nightmare. Creating even a basic estate plan could take a lot of the burden off loved ones if an unexpected loss should occur.
Another issue involves creating documents to guide how things would be handled in the event of incapacitation. Designating a trusted friend or family member through a durable power of attorney ensures that someone can manage financial needs in the event that an illness or accident occurs. An advance medical directive ensures that one’s wishes are carried out, even if the individual cannot make those decisions on their own behalf.
Sitting down and creating wills and other estate planning documents may not rank high on any Georgia millennial’s to-do list, but it is an important task that deserves attention. Handling these needs now adds a layer of protection. It also serves as valuable practice for refining one’s estate plans as life moves forward, new assets are earned and new family connections are made.