It is not uncommon for young adults in Virginia to think about an estate plan as something that people in their parents’ or grandparents’ generation should have. The reality, however, is that even someone in their twenties or thirties can benefit from some planning.
Another erroneous thought that millennials may have about estate planning is that it focuses only on the development of a will or a trust. While these can be vital and useful tools, they are far from the only documents important in a good estate plan. As explained by Think Advisor, there are two other very important documents that adults of any age can benefit from.
One of these documents is a power of attorney. The other document is an advanced health care directive. Both tools can become essential to families when an emergency situation occurs. For example, if an unmarried 26-year-old is involved in a car accident and even temporarily unable to speak or provide consent for medical care, someone else will need to step in. The advanced health care directive allows another person, such as a parent, to make medical decisions for them. Similarly, if the accident renders the person unable to manage their financial affairs for a while, the power of attorney enables another person to take care of these matters on their behalf.
These are not things that are top of mind for most millennials. As such, Forbes suggests that parents of people in their 20s or 30s might consider paying for the development of an estate plan as a birthday or holiday gift to their adult child.