Previous posts on this Pittsburgh, Pennsylvania, blog noted that while each of us has a different family and financial situation, almost everyone can benefit from estate planning. Older and younger people benefit from plans detailing how their assets will be distributed when they pass and who will help them during their lifetimes. However, younger people may also need to name guardians and trustees for minor children. There are plenty of benefits for everyone when it comes to estate planning, but the approach to the process may be different, depending on a person's age.
Take, for instance, the generation known as millennials. These younger individuals will need to have all the traditional concerns covered in an estate plan, such as who their heirs will be and who will serve as agents in their powers of attorney, but there may be additional concerns as well. For example, many younger people have an extensive online presence with social media accounts. What happens to these accounts if the person dies? A plan needs to be in place to have these accounts shut down after, potentially, a final post, or even a memorial.
Digital assets are another concern that younger generations will need to make sure that they include in their estate planning. Millions of people have accounts that include the rights to movies, music, photographs and more. These accounts are all likely password protected. As such, a plan for these digital assets needs to be part of an estate plan.
Our readers who are familiar with previous posts here know that a "comprehensive" approach to estate planning is probably the best approach. Everyone should be ready to think of a detailed list of assets and other concerns when they are getting ready to jump into the estate planning process.