If you are one of the many residents in New Jersey who is part of the millennial generation, you may have heard your parents or grandparents talk about their wills or other elements of their estate plans. Like a lot of people who are still young, it is easy to think that estate plans are only necessary for people over a certain age. That, however, is far from the truth. Anyone can benefit from having an estate plan regardless of their age. One important factor is preparing the right plan that fits your life today and evolving it as your life changes.
As explained by Policygenius, a person who is 25 years old may not have a large suite of assets like a home, a retirement plan and other investments. However, they are very likely to have an extensive suite of digital logins that would require management by someone in the event that a situation occurred rendering the person unable to manage these accounts on their own. The same is true of things like bank accounts, vehicle loans, rental policies and basic bill accounts.
At a minimum, creating a power of attorney would enable another person to manage a millennial’s finances if and when needed. An advanced health care directive would allow another person, such as a parent or a partner, to make medical decisions if an accident or other event occurred.
This information is not intended to provide legal advice but is instead meant to give millennial residents in New Jersey an overview of why estate planning should matter to them at this stage of their lives and how they may get started on making plans that are right for them and their families.
