For older Millennials, 40 may already be here, or it is on the horizon. You may now be closer to 60 than to 20, and while you may still feel young, it is definitely time to start acting like an adult. However, one of the most overlooked adult places is Las Vegas, Nevada, estate planning, but now, is the time to estate plan for older Millennials.
Children
For many Millennials in this age group, they have children. Some have multiple children, and without an estate plan, their fate will be left up to the state. In the nightmare scenario where both parents pass, the children will become wards of the state, automatically, and if your family wants them, they will have to fight for them.
However, an estate plan will include guardianship designation. This allows parents to choose who they want to care for their children, should they pass, including primary, secondary and even more backups. Remember, people can change their minds, and just because they are happy to be a guardian on paper when it actually happens, they may change their minds. This is why selecting backup guardians is important.
Trusts
Las Vegas, Nevada, trusts can also be a way for parents to plan for their children. Everything, including brokerage accounts, life insurance, annuities, etc., can flow into a trust for the benefit of one’s children.
The parents can dictate how those funds will be spent with the authorization of an independent, third-party, or some other designee. Parents can even dictate how those funds will be spent, like limiting them to school, housing, etc. For those without children, they can do the same for their surviving heirs as well.
End of life and incapacity planning
What some may also not realize is that estate planning is not just about what happens after you pass but also about what happens at the end of your life or if you become incapacitated. Who will make medical decisions? How long should you be kept on life support?
When should doctors stop trying to resuscitate you? Do you want to be cremated or buried? How will all of this be paid? These are all issues that will be addressed in the estate plan, and they are all issues you do not want grieving family members making.
Estate planning
Las Vegas, Nevada, estate planning is an act of love because it is about making everyone’s life easier when life is at its most difficult. It offers protection for your children and friends and it makes sure that your wishes are honored.