Estate Planning For Millennials | Here is What You Need to Know

estate planning

Most people will tell you that you are never too young to plan for your future, and though this may become tiresome to hear, people only say it because it’s true! If you are a millennial and wish to begin planning your estate, please continue reading and reach out to our experienced Maryland estate planning attorney to learn more about estate planning and how our firm can help you. Here are some of the questions you may have about the process ahead:

How can I protect my significant other with my estate plan?

Millennials are waiting longer to get married, and estate planning often comes with various benefits if you are married. However, if you are in a long term relationship, you may still protect your significant other through various aspects of estate planning. Those aspects are as follows:

  • Creating a  will or trust: When couples share assets, such as homes, they can include their partner in their will to ensure they inherit the property upon their passing.
  • A durable power of attorney: This makes your partner an agent who can make key financial and other decisions on your behalf should you ever be unable to do so on your own.
  • A medical power of attorney: If you become incapacitated, your partner can make key medical decisions on your behalf with a medical power of attorney.
  • Beneficiary designations: You can list your partner as a beneficiary to receive certain assets, such as retirement accounts, life insurance, and more upon your passing.

Can I protect my children in my estate plan?

You may protect your children in your estate plan, even if you are not married. The best way to do so is to establish a guardian of your choosing, or someone who can take care of and raise your minor child, should you and your partner be unable to do so yourselves (such as if you pass away). You may also set up a trust or will to ensure your child will get your property and assets.

Protecting Digital Assets

Millennials are fully immersed in the digital world, which means they most likely have several digital assets. These can include logins and passwords, websites they own/contribute to, cryptocurrency, and more. You may appoint a digital executor to handle these assets upon your passing.

Contact our experienced Montgomery County, Maryland firm

The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.