There are a number of documents to consider as part of an estate plan and some of those documents relate to end-of-life care and health care decisions. While millennials may be just starting their own families or venturing out into the world, an estate plan is something all need to discuss with family members. Despite the benefit of youth, anyone any age in Michigan can find themselves in a situation where incredibly important and life-altering decisions need to be made and preparation can make those situations better for all involved.
One vital document to have, regardless of age, is a power of attorney, or a health care proxy. A power of attorney will give someone the power to make legal and financial decisions if incapacitation occurs. The health care proxy is similar but gives a person power to make specific medical decisions if one is incapacitated or unable to voice what he or she wants.
Aside from outlining who can make decisions, there are other documents and responsibilities a millennial may want to consider as part of an estate plan. A health care directive is a valuable form. It outlines specific wishes to be followed. A HIPPA release form is also needed and gives access to medical information to designated persons who may need that information in order to make informed decisions.
Not preparing an estate plan and contingencies for the unknown can lead to chaos for family members and cause strife amongst those who must make decisions that can impact a person's health and welfare. Having an estate plan in place alleviates the burden of worry for the person who may be unable to make his or her decisions and also gives peace of mind to family who may have difficult options to weigh. Michigan families can pursue which documents in particular may be best for their individual estate plan needs and which documents may help families when unexpected events arise.
Source: benzinga.com, "Millennials And Estate Planning: How To Get Started", Rebecca Sheppard, Feb. 8, 2016