Avocados & Assets: Estate Planning for Millennials
Avocados & Assets: Estate Planning for Millennials
Hey Millennials! Think estate planning is only for the rich and famous? Think again! Life is unpredictable, and even young adults need a solid plan. With just a few essential documents, you can go from feeling overwhelmed by the future to feeling prepared and secure.
Maya’s Story: Why Estate Planning Matters for Millennials
Take Maya, for example. At 33, she was busy juggling freelance gigs, ramen nights, and weekend adventures with friends. Estate planning wasn’t exactly top of mind until her grandfather’s illness made her see how crucial it was. The confusion and stress her family went through opened her eyes to the importance of having a plan in place—no matter how young or healthy you are.
After witnessing the difficulties her family faced, Maya decided to take action. Here’s what she did:
Set Up a Will:
Maya created a will to make sure her favorite record collection and vintage camera went to her music-loving niece instead of some distant cousin she hardly knew.Appointed a Healthcare Proxy:
Maya designated her best friend, Alex, as her healthcare proxy. This meant Alex could make medical decisions for Maya if she were ever unable to speak for herself.Granted Power of Attorney:
Maya also gave Alex power of attorney over her finances, so if she ever became ill, someone she trusted could handle her bills and other important matters.
By taking these simple steps, Maya was able to protect herself and her loved ones. She didn’t need mansions or yachts—just a plan that made sure her belongings and health decisions were handled according to her wishes.
Why Millennials Need an Estate Plan
It’s easy to assume that estate planning is only for the super wealthy, but it’s for everyone, including millennials like Maya. Here’s why:
Unexpected Events Happen:
Accidents, illnesses, or sudden changes can happen to anyone. Having a will, healthcare proxy, and power of attorney in place ensures that your assets and health decisions are handled the way you want, even if you’re young and healthy today.Control Over Your Belongings:
Without a will, state laws decide who inherits your property. That means your prized possessions—whether it’s your pet, favorite vinyl records, or your laptop—could end up in the hands of someone you wouldn’t choose.Peace of Mind for You and Your Loved Ones:
Estate planning isn’t just about assets. It’s about reducing the stress and uncertainty your loved ones might face if something happens to you. With a plan in place, they’ll know exactly what to do, saving them from unnecessary worry and confusion.
What You Can Do
Estate planning for millennials doesn’t have to be overwhelming. Here are the three essential documents you need to get started:
A Will:
This legal document allows you to specify who inherits your belongings, from your laptop to your favorite plant.Healthcare Proxy:
Appoint someone you trust to make medical decisions on your behalf if you can’t.Power of Attorney:
Designate someone to manage your finances if you’re ever unable to handle them yourself.
Take Action
Estate planning might seem like something for “later,” but getting it done now can save you and your family a lot of stress down the road. Contact Harp Law today to get started on your personalized estate plan. Whether you’re starting your first job, buying your first home, or still perfecting your avocado toast recipe, we’ve got you covered.
Ready to Take Control of Your Future?
We make the process simple and convenient! Start by booking a free 15-minute Estate Plan Chat. We’ll discuss your general goals, and see if we might be a good fit to work together.
Not ready for a chat but still want to learn more? Click here to download our free Estate Planning Checklist.