To many millennials, an estate plan may seem like something far off. But in fact, it can always be helpful to have an estate plan. Any asset you have, from bank accounts to heirlooms can be accounted for within a Will. Guardianship wishes for your minor children should be documented. Regardless of financial, marital or job status, having an estate plan drafted with an attorney can be beneficial.
In today’s world, your digital assets are a huge part of what you own. Your Will should include how to access your digital files, online accounts, etc. You may need to keep a file of your login credentials and passwords with your Will. Your online cloud storage accounts like Dropbox or Google may store important documents or digital versions of them. It is important that you name a benefactor to these accounts in your estate plan and include login information within the documents.
Your files may be online, but they can also be stored on your computer, tablet, smartphone, gaming consoles and more. Access to these devices, as well as the files/accounts wherein, can be included within your estate plan.
Millennials switch banks more often than any previous generation. When you change banks or make a create a new account, your estate plan should reflect these changes. You should include within the documents to who the accounts should be transferred in the event of your death.
Cryptocurrencies like Bitcoin, Litecoin, etc. can be considered assets. Similarly to stocks, the value of cryptocurrencies can fluctuate widely. They are often considered risky investments but they can be a source of wealth for those who are smart with them. Cryptocurrencies are held in online accounts, or on hard drives. Distribution of these cryptocurrencies to heirs can be subject to estate tax as well, but there may be a different tax rate as opposed to fiat currencies like U.S. Dollars or Euros, depending on state and the value of the account.
Children should definitely be included in your estate plan. This section should include guardianship rights of your minor children for both their personal and financial needs in the event of your passing. Financial plans such as trust funds for care or education can be established via your estate plans. This section can be very important in ensuring that your children go to trusted family members or friends in whom you are confident.
Many people include pets in their estate plans. Guardianship of your pets can be transferred to trusted friends or family. Trusts can also be established for your pets to help cover the costs of medical care, grooming and more.
For more than 40 years, our firm has been assisting people like you with long term care and estate planning needs. We bring you the knowledge and resources to protect you and your family. Armstrong & Lamberti, PLLC do not provide tax, legal, or accounting advice by articles. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Call 718.477.7700 or contact us online to schedule a free initial consultation with an estate planning attorney at Armstrong & Lamberti, PLLC. We proudly serve Staten Island, Brooklyn and the other boroughs of New York City.