It may seem hard to believe, but some Millennials in Southfield are already nearing middle-age, meaning their Baby Boomer parents are reaching an age where if they do not have an estate plan, they should seriously consider executing one sooner rather than later. The following is a brief overview of how an estate plan can help Millennial children if their Boomer parents become incapacitated or pass away.
Ensure you have a well-rounded estate plan
Estate planning is about more than having a will or perhaps a trust. Other key documents to have are a health care power of attorney and a financial power of attorney to make health care decisions and handle your financial transactions, respectively, should you become unable to handle these affairs on your own due to incapacity. A living will is also an important way to document your end-of-life wishes, so your children do not have to make these decisions on their own during what is generally a very emotional time.
Let your children know where to find these documents
Ideally you should store your estate planning documents in one place and let your children know where they are. In addition, when it comes to accessing information stored online, it can help to create a master document with your login information, so your children can access these accounts if necessary. This can make the process of carrying out your estate plan simpler and less stressful for your loved ones.
Learn more about estate planning
This is only a brief overview of estate planning, and it should be noted that the estate planning process is a legal process. It can help to seek legal advice, which this post does not provide. Our firm’s webpage on estate planning may be a useful source of information to those who want to learn more about this topic.