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What do Alabama Millennials Need to Know About Estate Planning?

What do Alabama Millennials Need to Know About Estate Planning?

People tend to associate estate planning as something that is done at an older age. However, estate planning can be done at any age. In fact, it is beneficial to begin planning as soon as you begin to acquire your own assets. This is because life is unpredictable and you can never know what may happen tomorrow. That is why it is important to always have a plan in place for cherished assets and update it as your life goes on. Continue reading below and contact an experienced Alabama estate planning attorney to learn more about how to do so.

Protecting a Partner

In this day and age, many millennials are getting married at a later age than previous generations did. While this is true, many are still involved in long-term committed relationships. Individuals in these situations usually want to protect their partner. When a couple is married, spouses are provided certain benefits by law. When a couple is not married, these rights need to be explicitly given in an estate plan. This can include the following designations:

  • Durable power of attorney: Allowing a partner the right to act as an agent to act on your behalf for financial and legal matters if you are unable to do so themselves.
  • Medical power of attorney: Allowing a partner to make medical decisions on your behalf if you are unable to do so themselves.
  • Will or trust: Naming a partner as a beneficiary so they can be entitled to your property.
  • Beneficiary designations: Naming a partner as the beneficiary of retirement accounts, life insurance, stocks/bonds, etc.

Protecting Dependents

If you have children, it is crucial to have a plan in place that protects them in the event that anything happens to you. This can be done with a will or trust in order to designate what happens to your assets in these situations. In addition to this, you can name a legal guardian to care for your minor children and a financial guardian to handle their finances until they become legal adults.

Protecting Digital Assets

As a result of growing up in the digital age, millennials often have a significant amount of digital assets, even if they are not aware they do. This can include social media accounts, electronically stored data, financial accounts, pictures, videos, loyalty programs, airlines pints, etc. These assets can be taken care of by preparing a detailed list of them along with usernames and passwords. Be sure to appoint a digital executor who will have access to these accounts and distribute them accordingly if necessary. 

Contact our Firm

Stone Crosby, P.C. has proudly served clients in Alabama for over 100 years. Our firm has experience handling matters including divorce and family law, estate planning and administration, business law, employment law, class actions, consumer protection, business law, real estate law, among many others. If you require quality legal representation, contact our firm today to schedule a consultation.

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