Born anytime between 1977 and 1995, millennials make up the largest generation in American history. And, while Millennials are some of our country’s younger adults, it does not mean they shouldn’t think about estate planning – especially after the year we all experienced in 2020.
According to a recent study, however, nearly 60 percent) of Americans do not have a will or living trust. And for those with children under 18, only one-third of Americans have planned for the future. We know thinking about death may seem morbid at times, but it is a change in life that’s inevitable for all of us. And it is something that is good to have in place for the future of your surviving spouse or children.
Here at the Law Offices of Andrew Cohen, one of our expert Woodland Hills estate planning attorneys will discuss with you how to prepare the best arrangements of personal, financial, and legal documents that will be best for you and your family.
According to a recent survey, a whopping 78 percent of millennials have completed a will-based estate plan. After all, they are the most common documents – plain and simple. But a Will is typically far from even being an adequate document for most individuals and families.
Living wills, or advance medical directives, spell out all of your medical care/health care preferences if you become incapacitated, such as if you find yourself in a coma, vegetative state, or suffered from a brain injury. A similar document is a health care power of attorney, which assigns someone you trust to make your medical decisions for you if you are in this state.
Fundamentally, trusts are set up by an individual and his/her attorney to plan out how parts or all assets will be transferred to trustees when the individual is either alive or dead; the trustees then will be in charge of the assets for the beneficiaries of the trust. Depending on the age of the beneficiaries, they could act as trustees. There are several categories of trusts, but, overall, a trust is created to stay out of court and probate, keep usage and control, possibly avoid or reduce certain types of taxes, and possibly offer a degree of protecting assets from creditors for future beneficiaries.
The most important step in creating an estate plan is getting started. If anything, 2020 has taught all of us, no matter your age, that life is precious. We know that planning ahead for death can be ominous and overwhelming, but our Woodland Hills estate planning attorneys at the Law Offices of Andrew Cohen will walk you through the process every step of the way – especially through the state laws and regulations that regularly change – to design a comprehensive estate plan that will best protect you and your family. You can contact us for a free consultation of your case by clicking here or calling 661-481-0100.