The common notion of estate planning is that one needs to have significant assets or must be in their golden years. But as times change and cultures change, the traditional norms surrounding estate planning also change. Essentially, estate planning is not limited to the rich or to the elderly.
Yes, we are talking to millenials; especially those who are in (or approaching) their mid thirties this year.
Millenials must understand that life-changing events can happen to them that spawn questions about their estate just like baby-boomers who are newly retired. As such, millenials should think about what they need in order to protect their families as well as newly acquired assets. After all, more millenials are getting married at this age, some may already have kids, and others stand to inherit money from their parents and grandparents. All of which garner the need for an estate plan
Indeed, it is understandable that you may not have a robust estate worth millions, but as we alluded to earlier, being a millionaire is not required to have a basic estate plan. You could simply begin with a simple will that details how your most important possessions should be distributed or who should care for your children.
For many, simplicity begins with a durable power of attorney. This document gives someone you choose and trust the authority to make financial decisions in the event you are incapacitated.
Ultimately, millenials have a number of options available to protect the people they love and pass on a legacy, even if they don’t have the type of estate they dream of having just yet.