A previous post on this blog discussed how young adult Millennials should consider creating an estate plan even if they do not feel like they need one because they have not built up a lot of wealth at this point in their lives. As that post explained though, there are still a lot of estate planning tools and services that could be of great benefit to them.
Our law office provides many of these tools and services to young Oklahomans from around the state, and these services help these young adults to prepare for what is hopefully a bright and prosperous future. Of course, although no one wants to think of it particularly in the best years of their lives, these tools can also protect a budding family in the even of an unexpected misfortune.
For example, our office can help a young adult draft a power of attorney and health care directive that will ensure that the person’s wishes are respected and financial affairs are cared for in the event of an unexpected accident or illness. These documents are critical in the event the person is unable to make decisions for herself, and they really do not take too long to draft once an attorney has a clear picture of the person’s situation.
Although a Millennial might not need a complicated trust or need to think about gifting or tax consequences, our office can help prepare a will, which is a good idea even for a young adult who is just getting started out in life. A will is particularly helpful if the young adult has small children at home, because a will marks a good opportunity for a parent to suggest a guardian for their children should both the mother and father be unavailable.
Finally, it is never too early to start thinking about retirement and what comes after retirement, and our office can start helping young people come up with and employ retirement strategies.