Top 10 Estate Planning Tips For Millennial Parents and Business Professionals by The Life and Legacy Counselors

Being a parent or business professional is exciting, but it also means that there are important steps to take for your family and business. Estate planning is one of them. Creating a will or trust, discussing guardianship with your children, and managing finances are all ways to ensure the security of your future. Here are The Life and Legacy Counselors’ Top 10 Estate Planning Tips for millennial parents and business professionals! 

1. Create a Will

– When you create a will, you are able to determine how you would like your assets to be distributed after you pass away. You should also consider creating a healthcare directive so that medical decisions can be made on behalf of you if needed. 

2. Discuss Guardianship with Your Children

– As parents, it’s important to discuss guardianship with your children in case something happens to both parents before the children reach adulthood. 

3. Manage Your Finances

– Keeping track of expenses and investments can help prevent financial surprises down the road as well as provide an accurate picture of where you stand financially now and in the future. 

4. Protect Assets from Creditors

– Consider setting up trusts or other legal entities that can help protect your assets from creditors in case of unforeseen circumstances such as bankruptcy or lawsuits. 

5. Establish Power of Attorney

– Establishing power of attorney allows someone else (such as your spouse) to handle certain financial transactions on your behalf if you become incapacitated or otherwise unable to do so due to illness or injury. 

6. Take Care Of Tax Obligations

- Make sure that all tax obligations are taken care of when estate planning so that there are no issues when filing taxes in the future. 

7. Review Insurance Policies

- Make sure that insurance policies such as life insurance, disability insurance, long-term care insurance, etc., are reviewed regularly to make sure they meet current needs and any changes to laws or regulations since their last review date have been accounted for accordingly. 

8. Have Beneficiaries Named For Retirement Accounts

- Be sure that retirement accounts such as 401ks, IRAs, etc., have designated beneficiaries named so that those funds can be passed on in accordance with wishes if something should happen prematurely before retirement age. 

9. Use an Experienced Attorney

- Having an experienced attorney assist with estate planning is essential since this type of legal matter requires specific knowledge about probate law and other related matters. 

10. Keep Up To Date

- Lastly, make sure all documents remain up-to-date by reviewing them periodically throughout the years; at least once every five years is recommended (or more often depending on major life changes). 

Estate planning is an essential part of being a parent or business professional—it ensures the safety of your family and business even after passing away by making sure everything is legally documented according to wishes beforehand rather than leaving loved ones guessing what those wishes may have been after the fact without proper direction from estate documents created ahead of time. The Life and Legacy Counselors hope these Top 10 Tips prove helpful when it comes time for millennial parents and business professionals alike to begin estate planning!