By Rebecca S. Spinner, Esq.
Hi Millennials! I’m Rebecca S. Spinner, an estate planning attorney with Surprenant, Beneski & Nunes P.C. and a fellow Millennial living and working right here in Massachusetts. I work with people of all ages every day, and I’ve noticed a common misconception repeated time and time again: estate planning is only for older generations.
Let me tell you, that couldn’t be further from the truth. As you navigate the exciting journey of adulthood – building careers, starting families, and accumulating assets – estate planning becomes an increasingly vital part of responsible decision-making. Think of it as establishing a legal framework to protect yourself and your loved ones, ensuring your wishes are honored no matter what the future holds.
Why Am I Telling You This?
Because I’ve seen firsthand the challenges and heartache that can arise when individuals, even young ones, haven’t put basic plans in place. You might be thinking, “I don’t have much of an ‘estate’ yet.” But as a legal professional, I can tell you that “estate” encompasses more than just vast wealth:
- You’re Building Your Foundation: That savings account you’re diligently contributing to, the investment portfolio you’re starting, your retirement fund – these are all part of your estate. And they deserve protection.
- Life Doesn’t Discriminate by Age: Unfortunately, accidents and unexpected illnesses can happen to any of us at any time. Having legal documents in place can empower your chosen representatives to make crucial decisions on your behalf if you’re unable to, without having to petition a court.
- Protecting Your Loved Ones is Paramount: If you have a partner, children, or even pets who depend on you, estate planning allows you to legally designate guardians and ensure their well-being is provided for, according to your wishes.
The Universal Benefits: Legal Protection for Everyone
From a legal standpoint, the advantages of estate planning are clear and applicable to everyone, regardless of their current financial status:
- Legally Designating a Guardian for Your Children: As an attorney, I can’t stress enough how important this is for parents. Without legally sound guardianship designation, the courts will decide who raises your children if the unthinkable happens. Your estate plan ensures your chosen, trusted individuals are legally appointed and that your wishes for how your children will be raised are abided by.
- Ensuring Clear Legal Transfer of Your Home: That property you’re working hard for? A properly executed estate plan, including tools like wills or trusts, legally dictates how that property will be transferred to your beneficiaries, avoiding the often complex, costly and public process of probate.
- Providing a Legal Structure for Your Business’s Future: For Millennial entrepreneurs, your business is a significant asset. We can establish legal mechanisms within your estate plan to ensure its smooth transition according to your wishes, potentially keeping it within your family for generations.
- Legally Safeguarding Assets in Potential Divorce Situations: While not pleasant to consider, proper legal planning can help protect assets you’ve accumulated individually, offering a degree of security in the event of a divorce.
- Strategically Avoiding the Public Process of Probate: As an attorney, I can tell you probate can be a lengthy, costly, and public process. We can utilize legal tools within your estate plan, such as revocable trusts, to help your loved ones bypass probate, saving them time, money, and unnecessary stress. Unlike wills, which become public record during probate, trusts offer a greater level of legal privacy regarding your assets and beneficiaries.
- Addressing the Legalities of Digital Assets: In today’s digital age, your online accounts and digital assets have value and often contain personal information. We can include legal directives in your plan to ensure these are managed or closed according to your instructions.
As Your Attorney, I Can Help You Legally:
- Maintain Control Over Your Assets During Your Lifetime: Estate planning documents are effective in the future; you retain full legal control of your property now.
- Establish Legal Frameworks for Incapacity: Through legally binding documents like Powers of Attorney and Healthcare Proxies, you can appoint trusted individuals to make legal and medical decisions on your behalf if you become incapacitated.
- Direct the Legal Transfer of Your Assets According to Your Wishes: Your estate plan is a legally enforceable document that dictates exactly who receives your assets, how, and when.
- Implement Legal Strategies to Minimize Potential Taxes and Fees: We can explore various legal strategies to potentially reduce estate taxes and administrative costs, ensuring more of your assets pass to your beneficiaries.
Don’t Delay This Important Legal Step
You’re proactively building your life. Let’s proactively protect it with a legally sound estate plan. At Surprenant, Beneski & Nunes P.C., I work with Millennials to create customized legal plans tailored to their specific circumstances and goals. I’m here to provide the legal expertise and guidance you need to make informed decisions.
Ready to discuss your legal options for the future?
Contact my office today to schedule a consultation. Let’s work together to create a legal framework that protects you and your loved ones.
Estate Planning Attorney
Surprenant, Beneski & Nunes P.C.
MyFamilyEstatePlanning.com