Pausing from the hustle and bustle of daily Philadelphia life to talk about mortality and legal issues is something many young adults might not be doing on a regular basis. However, those of the millennial generation will want to consider the fact that not pursuing estate planning issues may lead to unintended consequences for family members down the line. It is not just a topic for the elderly or wealthy.
Young adults who want to think ahead and make certain that they are providing for the financial security of their loved ones in the event of their own deaths may want to seek legal guidance in order to execute an estate plan. Dying without one in place typically leads to one's assets being distributed through a probate court. Therefore, if a person has definite intentions about whom he or she would like to leave an inheritance, then documenting those wishes while still of sound mind is a logical choice to make.
Modern life is often described as a busy adventure. Various commitments, social activities and family obligations tend to make procrastinators out of many, even those who intend to take care of legal matters in order to avoid future complications. However, since one never knows when one's own death will occur, addressing matters of an estate, including wills, trusts or guardianships, is best taken care of sooner than later.
It has been said that millennials tend to leave their financial affairs in disarray. Such disorganization could create stress for relatives who may be left trying to sort out any number of legal matters in the event of a loved one's death. Philadelphia residents who have questions or would like to address estate planning issues with an experienced legal professional may contact a probate and estate administration attorney in the area to do so.
Source: thestreet.com, "Why Millennials and Generation Xers Need to Worry About Estate Planning", James Salter, Nov. 24, 2015