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Charleston Estate Planning & Asset Protection Blog

Tuesday, May 22, 2018

Five Estate Planning Tips for Millennials

Estate planning is one of the most overlooked aspects of personal finance, especially for Millennials. Millennials may believe they are too young to worry about an estate plan or they do not have enough wealth to justify spending the time and money to develop an estate plan. Unfortunately, families who suffer the tragic loss of a family member must also bear the financial and emotional burden of dealing with his or her finances if an estate plan was not executed before death. Regardless of your age, you should consult with a South Carolina wills and trusts lawyer to determine the estate planning documents you need to protect your future and your loved ones.

Five Things Every Millennial Should Know About Estate Planning

1. You Need a Will Right Now

It does not matter if you own significant assets or if you are beginning to accumulate net worth, you need a will. If you do not have a basic will, your property will be distributed according to South Carolina’s intestate laws. A will allows you to control who administers your estate and who inherits your property.

 2. You Should Not Wait to Develop an Estate Plan

A comprehensive estate plan includes much more than just a simple will. Older individuals are not the only people who die. Tragically, everyone dies, including people who are very young. Death is not concerned with age. Therefore, you may not have the time you believe you do to develop an estate plan. Passing away without an estate plan can result in unnecessary financial and emotional burdens for your family. Act now to protect your family and your assets by consulting a South Carolina wills and trusts lawyer about preparing an estate plan.

3. Your Estate Plan Should Include Health Care Documents

You may become ill or be involved in an accident that results in your incapacitation. If you cannot make health care decisions for yourself, you want someone whom you trust to make those decisions for you. Therefore, an estate plan should include documents related to health care decisions such as an Advance Health Care Directive, a Living Will, a HIPAA Release, and a Health Care Power of Attorney. Your lawyer can explain each of the various documents that may be used to ensure your wishes regarding medical care are honored if you cannot speak for yourself.

4. You Need a Financial Power of Attorney

As part of your estate plan, you need a General Durable Power of Attorney. A POA allows someone to make financial decisions on your behalf. Powers that you may grant an agent include buying and selling assets; opening and closing financial accounts; managing investments; and, entering and voiding contracts. Make sure that your attorney adds language to ensure the POA remains in full force during incapacitation.

5. Your Retirement Plan Should Coordinate with Your Estate Plan

As with estate planning, it is never too early to begin planning for your retirement. Even if you begin your retirement savings with a modest amount each month, it is important that you begin saving for your retirement as early as possible. Also, your retirement plan and estate plan should coordinate to avoid any issues that could cause problems for you or your heirs.

Call A South Carolina Wills and Trusts Lawyer for More Information

Call today to schedule a consult with one of our South Carolina will and trust lawyers to discuss developing a comprehensive estate plan today.

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Wiles Law Firm, LLC helps clients with their estate planning needs in Charleston, South Carolina and the surrounding areas such as West Ashley, Summerville, North Charleston, Mount Pleasant, and John's Island.

Information on this website is not legal advice. Further, viewing of the enclosed information does not create an attorney-client relationship with Wiles Law Firm, LLC. Matters will be handled by attorneys who primarily practice out of our office in Charleston County located at 852 Lowcountry Blvd., Ste. 101, Mt. Pleasant, SC 29464. M. Emerson Wiles, III is the attorney responsible for this advertisement.

Any result Wiles Law Firm, LLC may achieve on behalf of one client in one particular matter does not necessarily indicate similar results can be obtained for other clients. Please contact a South Carolina estate planning attorney or one of our attorneys with Wiles Law Firm, LLC for a consultation regarding your unique estate plan.

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