Estate Planning for Millennials in Maryland | What You Need to Know

Estate Planning for Millennials in Maryland | What You Need to Know

As you know, there are few things more important than planning for your future. Of course, there are multiple ways you can plan ahead, but perhaps the most impactful is creating a comprehensive estate plan. No matter your age, you should understand that you are never too young to draft an estate plan that can best suit your needs. Unfortunately, too many people wait far too long to create their estate plans–sometimes until it is too late. Our firm is ready to help you today. Please continue reading and reach out to our Maryland estate planning attorney to learn more about estate planning for millennials and how we can guide you through every step of the process ahead. Here are some of the questions you may have:

How can I protect someone to whom I am not married in my estate plan?

Many millennials are waiting longer to marry, though they have significant others that they would like to protect in their estate plans. You can protect your significant other by creating the following documents:

  • A will or trust: To ensure that your loved one inherits your property upon your passing, you can create a will or a trust.
  • A durable power of attorney: Durable powers of attorney allow an individual to appoint their partner as an agent who can make critical financial decisions on your behalf, should you ever become incapaciated.
  • Beneficiary designations: If you want your loved one to receive certain assets should you passaway, such as retirement accounts or life insurance, you can list them as a beneficiary in your estate plan.
  • A medical power of attorney: These allow indiviauals to appoint a loved one to make critical medical decisions on their behalf, should they be unable to make those decisions on their own due to incapacitation.

How can I protect my children in my estate plan?

The most important thing you can do for your children is appoint a guardian who will look after your minor child, should you and your spouse/partner pass away untimely. If you do not establish a guardian, the court will select a guardian, and their choice may not always be yours.

How can I protect my digital assets in my estate plan?

Digital estate planning has become increasingly important, especially for millennials. Digital assets, such as cryptocurrency, intellectual property, online giftcards/rewards cards, logins and passwords to social media/online shopping accounts and more should all be protected. You can do so by appointing a digital executor.

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.

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