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Estate-planning issues millennials may not think about

It is not unusual for millennials to put off the idea of preparing a will or trust. Estate planning matters are often the furthest thing from their minds. Many younger people are focused on their careers and on new goals and experiences, and believe that the need for estate planning is at least two or three decades away.

However, as an estate-planning attorney will tell you, certain situations that can arise in the millennial lifestyle might require a second look sooner rather than later.

Managing special circumstances

You want to look after your loved ones. No matter what your age, estate planning is a good idea if you have assets, such as a home, a car, valuable collectibles or an investment account. If you are married but your spouse is not a U.S. citizen, you could set up a plan to protect him or her in the event of your demise, since the government has strict inheritance rules pertaining to non-U.S. citizens. If you are not married but are living with someone, an estate plan can include a durable power of attorney to enable your domestic partner to manage your personal affairs and finances if you should become incapacitated.

Seeing to your brand

If you have your own business, have you thought about what happens to it if you should die suddenly? This is another area where an estate plan could help, providing protection for your brand, your digital property, copyrighted material, a trademark and other such items.

The smart approach

Your initial thought might be to try to find a site online to download forms for a generic plan. Keep in mind, however, that the laws governing these issues vary from state to state, and many courts may not recognize any given legal forms. Preparing an estate plan is an important step in your life, and you should do it properly with the help of an experienced attorney.

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