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Have you considered what would happen to your belongings, digital accounts, or pets if something unexpected happened? It’s easy to assume estate planning is something only older generations need to worry about, but the truth is, life is unpredictable. Whether you own a home, have children, or are just starting to save for the future, having a plan ensures your wishes are followed. Estate planning isn’t just for “someday”—it’s for right now.
Why Millennials Should Care About Estate Planning
Many millennials assume that estate planning is something they can put off until they’re older or have more assets. But estate planning is about more than just dividing up your belongings—it’s about protecting your loved ones and making sure your wishes are honored if something unexpected happens. Accidents, illnesses, or sudden incapacity can occur at any time, and without a plan in place, Minnesota law will determine what happens to your assets and who makes decisions for you. Creating an estate plan allows you to take control of your future and protect those you care about most.
Healthcare Directives and Powers of Attorney
A healthcare directive and durable power of attorney are two key documents that allow you to make important decisions now about what should happen if you can’t speak for yourself later. A healthcare directive lets you specify your medical wishes—like whether you want life support—and appoints someone to make healthcare decisions on your behalf. In Minnesota, this document must be signed by you and either notarized or witnessed to be valid.
A durable power of attorney gives someone the legal authority to manage your finances if you’re unable to do so. This could include paying your bills, handling investments, or managing your property. Without these documents, your family might have to go through a lengthy court process to gain control of your finances. By creating a healthcare directive and power of attorney, you ensure your wishes are respected and the people you trust are in charge when it matters most.
Estate Planning for Digital Assets
In today’s digital world, estate planning isn’t just about physical assets—your digital presence matters too. Digital assets can include everything from social media accounts, email, and photos stored online to more valuable items like cryptocurrency and online banking. If something happens to you, your loved ones could have difficulty accessing these accounts without the proper planning.
Minnesota law allows you to grant someone legal authority over your digital assets through your estate plan. You can name a trusted person, known as a digital executor, who will be responsible for managing or closing your digital accounts. It’s helpful to create an inventory of your digital assets, including login information and security questions, and keep it in a safe place. Including digital assets in your estate plan ensures that your online life is handled according to your wishes and prevents these accounts from being lost, hacked, or left in limbo after your death.
Student Loan Debt and Estate Planning
Many millennials carry significant student loan debt, which can impact estate planning. It’s important to understand how these loans are handled after death. Federal student loans are typically discharged when the borrower passes away, meaning the debt does not need to be repaid. However, private student loans may not be discharged and could become part of your estate’s liabilities. In Minnesota, without proper planning, creditors might try to collect from your assets. Addressing student loan debt in your estate plan ensures you have a strategy in place to protect your loved ones from unexpected financial burdens.
Estate Planning for Families with Children
If you’re a millennial with children, estate planning becomes even more important. One of the most critical decisions you’ll make is naming a guardian for your minor children in case something happens to you. Without a will, Minnesota courts will decide who takes care of your children, and that decision may not align with your wishes. By creating a will, you can ensure that the person you trust most will be responsible for their care.
In addition to naming a guardian, setting up a trust can help financially provide for your children’s future. A trust allows you to designate how and when your children will receive assets, which is particularly useful if they are too young to manage money responsibly. Minnesota’s Uniform Transfer to Minors Act (UTMA) also allows you to appoint a custodian to manage their finances until they reach adulthood. Taking these steps ensures your children are cared for emotionally and financially.
Contact an Experienced Minnesota Millennial Estate Planning Attorney
At Unique Estate Law, we understand that estate planning can feel overwhelming, especially for millennials with unique challenges. We can guide you through the process and ensure your wishes are clearly outlined. Contact us today to schedule a consultation and start securing your future.