If you are one of the many millennials in Michigan, you may not have yet given thought to creating an estate plan. You may even believe that you are too young to need such a thing. This type of thinking is often based on the beliefs that an estate plan is only about distributing assets after you die and that people only die when they are old. The realities here are quite different.
As explained by Think Advisor, an estate plan can help you during your life as well as after your life. Two documents that are essential for a good estate plan are an advanced health care directive and a durable power of attorney. The former allows someone else to make medical choices for you and the latter allows someone else to manage your money should an emergency situation arise in which you are not able to do these things for yourself. A car accident is just one of many events that can happen that may necessitate these things.
If you have or are thinking about having a child, an estate plan can outline your wishes for a guardian for your child should something happen to you and their other parent prematurely. This may include temporary or long-term needs depending on your situation.
If you would like to learn more about how you might begin to make an estate plan that fits your needs today as a young person and can grow with you as you move through different life stages, please feel free to visit the millennials’ life needs page of our Michigan estate planning website.