Should Millennials Consider Estate Planning
A common misconception about estate planning — a process that involves creating a will, considering guardianship issues, executing advance directives, establishing trusts, and more — is that it is only something you need to do when you are much older or if you become ill. Yet in truth, all adults should be thinking carefully about estate planning, including adults of the Millennial generation. While some Millennials are still quite young, older Millennials have now reached the age where they are often caring for their own younger children in addition to caring for aging parents. Indeed, Millennials include adults born between 1981 and 1996. In 2025, the oldest Millennials will be turning 44 years old, while the youngest will turn 29 years old.
In short, Millennials of all ages, and especially older Millennials, should work with an estate planning attorney for themselves and to have questions answered about estate planning for aging parents. Our Canton estate planning lawyer can say more.
Important Estate Planning Documents and Tools for Millennials
Millennials of all ages — and adults of all ages, regardless of their generation — should have an estate plan in place. Some of the most important estate planning documents and tools for Millennials include the following:
- Will, through which you can clarify how you want your assets distributed in the event of your death, as well as important matters such as who you want to become the guardian of your minor children in the event of your unexpected death, and who you want to care for your pets in the event of your unexpected death;
- Advance directives, including naming a health care representative who can make important medical decisions on your behalf if you become incapacitated, and a living will through which you can clarify your own health care instructions if you become unable to voice those yourself; and
- Powers of attorney, which involves naming an agent who you trust to manage your finances for you in the event that you cannot make important financial decisions on your own or take financial actions.
Depending on your individual circumstances, you may also want to consider establishing one of the available types of trusts in Connecticut.
Older Millennials, Estate Planning, and Asset Protection for Aging Parents
For older millennials, discussing estate planning strategies for your elderly parents with a lawyer is also an important task. For adults like your elderly parents, it will be essential to find out more about asset-protection strategies and long-term care planning in addition to some of the more general tools of estate planning discussed above.
When you work with your estate planning attorney, it is also a good time to begin thinking about your own asset protection strategies and long-term care planning. Your elderly parents may need to pay for long-term care much sooner than you will, but the sooner you start to think about long-term care planning and asset protection, the better off you will be when you need nursing home care or care in an assisted-living facility.
Contact a Connecticut Estate Planning Lawyer
Do you want to learn more about estate planning for yourself or for your elderly parents? An experienced Connecticut estate planning attorney at the Law Office of Brian S. Karpe can begin working with you today. Contact us for more information.
Sources:
ctprobate.gov/pages/trustsestates.aspx
portal.ct.gov/dmhas/programs-and-services/advocacy/advance-directives
