Idaho Estate Planning for the Millennial
Millennials, who are also commonly known as Generation Y, are typically individuals who were born from the early 80s to just after the year 2000. This means that as of 2018 these individuals usually range in the age of 20 to about 36. In other words, this group of individuals are young adults because they haven’t reached middle age or old age yet.
Our team of premier Idaho estate planning attorneys have assisted Millennials in creating and updating their own customized Idaho estate plan for several years. In fact, many of our attorneys are millennials themselves. We understand the unique perspective of this generation of individuals, and the needs they have for completing their own Idaho state plan. Our team of attorneys includes partners Randy Budge and Lane Erickson and attorneys Nate Palmer and Dave Bagley. Our attorneys have received high reviews from past and current clients for their skill and ability in helping our Millennial clients.
In talking to many Millennial clients, they often tell us that they didn’t believe that they needed estate planning because they were so young. When we are done helping them many of them thank us for helping them understand why it was important for them to complete their plan. While it’s true that the needs of the millennial generation are going to be far different than older generations, there is still an important need. The main reasons for getting estate planning done by a millennial are listed below. We are confident that all or some of these reasons are applicable to you.Guardianship for Children
The number one need for estate planning for a millennial or for any individual regardless of their age is to provide for their loved ones after they are gone. For the millennial generation, many of whom have children, their children are the main reason they need to get their plan completed. Because Millennials are young, this means their children are also young.
In Idaho a person is considered a minor if they are under the age of 18. What this really means is that the law requires a legal guardian for each child who is under the age of 18. Normally, the legal guardian is the natural parent of the child. However, if there were some illness or accident that caused the natural parents to pass away at a time when the children are still young, a legal guardian would then have to be appointed. By completing an estate plan, a millennial has the ability to provide a guardianship in their last will and testament for their young children. Essentially this means the millennial has the ability to name the individuals that they want to be the guardians of their children until their children reach the age of adulthood.
Without having a guardianship listed in the last will and testament, the courts will be required to determine who will be best fit to be named as the guardians of the young children. This often leads to disagreements and fights between well-meaning family members who cannot agree on who should be named as the guardian. When this occurs, relationships are often destroyed, and thousands of dollars are spent needlessly.
So, if for no other reason than to provide protection for your young children, each Millennial should have at the least a last will and testament that contains a guardianship provision. By doing this, you are assured that your wishes will be carried out and that family members will not be in a position where they may fight about who should be appointed.Protection for Yourself
The second most important reason for a millennial to complete their estate planning is to protect themselves. While it’s true that Millennials typically are young this does not mean that they are impervious to illness or injury. Many people think that death is the worst thing that can happen to them. The reality of it is that death is not the worst thing. Really, the worst thing is that you become incapacitated and can no longer care for yourself requiring some other person to do this for you.
As with the guardianship listed above for young children, if you do not have your estate plan completed a court will be forced to make a decision about who your legal guardian should be. This individual will be granted authority to handle your finances, property, assets, as well as do all other things that you would normally do for yourself if you were able. Because of the intimate involvement of this individual in your everyday life, most people would like to choose who would be appointed themselves rather than leave it up to a court.
As part of a basic estate plan each individual would have a durable power of attorney as well as a power of attorney for health care. These documents give you the ability to choose the persons you would name as your power of attorney to take care of your daily life affairs as well as all your assets and finances. To avoid leaving this decision up to a court, at the very least, we suggest that each Millennial have these documents prepared as part of their basic estate plan.Dealing with Digital Assets
The final reason for Millennials completing a thorough and complete estate plan is because of the assets they may have which are digital. There is no other generation in the history of the world that has as many digital assets as do Millennials. Digital assets include not only email but also all social media accounts. But this is not all. Digital assets also include all kinds of digital currencies, digital accounts, and digital payment methods. While this money is “digital”, it is real money.
By creating a thorough estate plan you have the ability to leave your digital assets to whoever you choose. This then gives that individual the legal right to deal with these digital assets.
Additionally, Idaho has a specific statutory section that allows personal representatives, trustees, and other fiduciaries to access digital assets. These statutes are found ad Idaho Code §§ 15-14-101 et seq. However, a person must be listed or named in your estate planning as a fiduciary in order to take advantage of these statutes and gain the access to your digital assets.Enlist an Idaho Estate Planning and Probate Attorney to Help You
Our experienced Estate Planning team of attorneys can help you and your family with your Idaho estate plan or with your probate needs. Whether you are seeking your own customized Estate Plan or are in need of a Probate for a loved one who has passed, we are available to discuss your options and answer your questions at an initial consultation. Call us toll free at 877.232.6101 or 208.232.6101 for a consultation with the Racine Olson team. You can also email us directly at email@example.com. We will answer your questions and will help you solve your Idaho Estate Planning and Probate problems.