For young adults in Tennessee, some things in life may not feel urgent. Estate planning, for instance, is often eschewed by young adults — particularly millennials — because the idea of dying not only feels far away, but is also an uncomfortable thought. However, setting aside these feelings of discomfort to craft a comprehensive estate plan is essential for everyone regardless of age.
Creating a will is a popular first step toward estate planning. This involves listing all of a person’s assets and then designating how they would like them distributed upon their death. This includes things like vehicles, finances and even virtual property. That is right, even social media passwords and email login information counts as property and should be put in a will to avoid any frustrating issues for family members.
Taking the time to address important account information is also part of estate planning. Beneficiary designations on retirement accounts and life insurance policies should be updated to reflect the named heir in the will. Changing a bank account to payable on death to the named beneficiary is also smart, as it keeps this portion of an estate out of the probate process, which could potentially eat up time and money.
The reality of life is that no one truly knows how long they have to live. Estate planning is an essential aspect of planning for the inevitable and ensures that a person’s last wishes are respected and upheld. Additionally, creating a comprehensive estate plan also makes things easier for surviving Tennessee families who must deal with the issues of an estate while still in the grieving process.