Millennials often feel that estate planning is something to worry about later in life. However, the time to start is now. Estate planning isn’t just for the elderly; it’s a crucial step for anyone who wants to ensure their assets are managed and distributed according to their wishes.

Why Start Now?

1. Financial Security: Establishing an estate plan early can protect your assets and provide financial security for your loved ones.
2. Healthcare Decisions: Advanced directives and healthcare proxies ensure your medical preferences are followed if you’re unable to communicate.
3. Guardianship: If you have children, designating guardians is essential to ensure they are cared for by the people you trust.

Key Components:

• Wills: A will outlines how you want your assets distributed and can appoint guardians for minor children.
• Trusts: Trusts can help manage your assets during your lifetime and after death, often providing tax benefits and avoiding probate.
• Powers of Attorney: This allows someone to manage your financial and legal affairs if you’re unable to do so.
• Beneficiary Designations: Ensure your retirement accounts and life insurance policies go to the intended recipients.

Steps to Get Started:

1. Assess Your Assets: Create a list of your assets, including property, savings, investments, and personal belongings.
2. Define Your Wishes: Decide who should inherit your assets, who should make medical and financial decisions for you, and who should care for your children.
3. Consult a Professional: An estate planning attorney can help you navigate the legal complexities and ensure your documents are properly drafted and executed.

Conclusion:

Taking control of your future through estate planning is a responsible and proactive step. It offers peace of mind knowing that your wishes will be honored, and your loved ones will be taken care of. Don’t wait – the time to plan is now. Give the Davis Schilken, PC team a call today! We offer no obligation initial meetings (303)670-9855.