If you are one of the many millennials in Missouri, the thought of making a will or a trust may seem completely unnecessary to you. Many people today still incorrectly consider these things important for older individuals. However, as NerdWallet explains, setting up an estate plan while you are young is just as important as having one in place when you get into your 50s, 60s or beyond.
One factor that may necessitate an estate plan for a millennial is the move into parenthood. Once you are responsible for another person, your responsibility lasts even after you die and if that should happen while your child is still a minor, an estate plan is the only way to know that your child will be raised by the person you want. In addition to naming a guardian for a child, identifying someone to manage your estate and the finances for the good of your child is equally important.
A durable power of attorney is a document that allows another person to make financial decisions for you if you become unable to do so. A medical power of attorney or a health care directive allows another adult to make health decisions for you if you are unable to do so due to an injury, accident or illness.
If you would like to learn more about the importance of estate planning in your 20s and 30s and what documents you may need, please feel free to visit the millennial financial plan page of our Missouri estate planning website.