Residents in Michigan who have adult children in the millennial generation are well aware of how different this generation views many things compared with their predecessors. Estate planning may be one of the things that people in their 20s and 30s don’t think much about and may even consider to be something antiquated or only needed by their parents or grandchildren. 

The reality, however, is that even these millennials can benefit from creating an estate plan and their parents may be able to help encourage them to do so. Forbes reminds people that an estate plan is about more than just identifying a person’s intended plans for the distribution of their assets after they die. 

An estate plan may include the creation two very important documents that would benefit a person of any age should an emergency occur that renders them unable, even temporarily, to manage their finances or their health care. An advanced health care directive and a durable power of attorney would allow a millennial to know that their medical decisions and money were being managed by someone they trust. For millennials who are parents themselves, a plan can outline guardianships for their children should something ever happen to themselves and their children’s other parent prematurely. These are just some of the elements of estate planning that it can be useful to discuss with a millennial. 

If you would like to learn more about how you may help your adult millennial child create a forward-looking plan that is appropriate for their stage of live, please feel free to visit the millennials and estate planning page of our Michigan estate planning website.