The Importance of Estate Planning: Gen-Z Edition

Gen-Z on phone and laptop

Life is full of unexpected twists and turns. There is no better example of this than the COVID-19 pandemic. Nobody could have predicted the way our world has been turned upside down because of the pandemic. For Generation Z, COVID-19 has been something of a rude awakening to the realities of estate planning and other legal documents that should be established. While it might once have seemed like a task to put off until retirement, estate planning is now considered essential for anyone old enough to have their own bank account.

 

Independence and Responsibility

Many members of Gen-Z are off to college for the first time this fall. With that newfound sense of independence comes serious responsibilities. As soon as you turn 18, your parents have no legal access to your medical or financial accounts like they did before you became an adult. If an emergency should occur, you will want to have a trusted individual make decisions on your behalf. That is why so many people opt to name a loved one as their agent in their power of attorney.

For instance, if you become sick and incapacitated, doctors will not be able to share information about your care unless the legal documentation is in place. Without signed authorization from you, parents and spouses can not even schedule an appointment on your behalf. Given how much of a petri dish most college campuses tend to be, you will want this documentation in place just in case of an emergency.

 

Digital Asset Protection

The members of Gen Z are the first true digital natives. Many of their most precious assets are virtual. Without a clear plan for those assets in place, however, their safety could become jeopardized. If you own cryptocurrency, run a popular social media account, or just want your carefully curated Instagram protected, you will want to have a plan in place in the event you become incapacitated. While it is always difficult to think of your own mortality or demise, considering how – or whether – your loved ones will gain access to your accounts to retrieve vital information is incredibly important.

An estate planning attorney can help you understand your options and make decisions that are right for your lifestyle. While you might feel like life is just starting, making plans for the end of your life should not be put off and is an important part of protecting you and your loved ones. Having an estate plan in place will allow you to enjoy life, knowing your loved ones and assets will be well taken care of.

 

To learn more about how to establish a tailored plan to fit your needs, contact Hegwood Law Group at (281) 885-8826, or click here to schedule your strategy session with an experienced member of our estate planning and elder law team.

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