Millennials in Georgia and throughout the nation may not have homes or large retirement accounts. However, it is still a good idea for this generation to take estate planning seriously. This is because they may have kids or pets that will need to be looked after if they pass on or become incapacitated. They may also have student loan or other types of debt that may need to be resolved after they pass on.
A power of attorney and living will are two documents that can be helpful for individuals while they are alive. A power of attorney allows an individual to appoint an agent to oversee his or her affairs. Living wills allow individuals to appoint an agent to oversee their medical treatment and put into writing the types of treatment that they do or do not want to receive.
It may also be a good idea to create a will or a trust to determine how assets are distributed after death. These documents can also help to determine who will provide care to a minor child. Finally, millennials are likely to have digital assets such as social media accounts or online bank accounts. An estate plan should grant access to these assets to a digital executor or another trusted party so that they can be dealt with quickly.
Regardless of how much money a person has, it can still be worthwhile to take time for estate planning. Doing so may make it possible to provide for the long-term needs of children, grandchildren or pets. It can also make it easier to ensure that a social media account is closed or otherwise protected after its owner passes. Legal counsel may help create an estate plan or review one that has already been created.