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How important is estate planning to millennials?

If you are in your 20s or 30s, you may not be giving much thought, if any, to the subject of estate planning, especially if you are not married.

You may think there is plenty of time; you should not have to concern yourself with end-of-life matters for several more decades. That, however, is short-sighted. Everyone should have an estate plan.

Subjects of importance to millennials

Millennials tend to focus on their careers. They also love traveling and new experiences, they have an interest in relationships and marriage and want to become homeowners. Contrary to what some people think, millennials are responsible with money but many still carry the burden of having to pay off student loans. With respect to the future, they are not yet into trusts or powers of attorney and they are likely part of the 60 percent of Americans who, according to a 2015 Harris poll, do not have a will.

There is more involved here than you think

Death can come to anyone at any time, and if not death, then incapacity because of an accident or serious illness. You may have modest assets at this point in your life, but an estate plan will ensure that the people you love will inherit whatever you leave for them according to your wishes. Further, if you should become incapacitated, a properly drawn up power of attorney will ensure your domestic partner can legally make the decisions necessary regarding your care or estate.

Caring for your children

Millennials with children usually come to consider estate planning before their unmarried peers. For one thing, you can appoint a guardian for your children. You just need to talk with the proposed appointee about your plans and be sure he or she will be able to take on the responsibility of raising your children in the event of your demise.

Being unprepared for death

If you die without having a will or trust, you will have no personal control over your estate, who manages it and who benefits from it. The court will decide for you. If you would rather make those decisions yourself, take the next step and seek legal assistance in setting up a good estate plan. Being a millennial is no excuse for putting it off.

 

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ANDERSEN PLLC
17015 N. Scottsdale Road, Suite 225
Scottsdale, AZ 85255

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