Many articles are written about what the Millennial generation wants and needs. Not enough articles are written about their need for estate plans.
Whatever field you are in, you have undoubtedly heard a lot of talk about how it relates to the Millennial generation. No one hears about it more than Millennials themselves. They like to discuss what their generation needs and their elders like to tell them about what they think they need.
With all of the talk about how Millennials live, behave and even vote, there is not much room left for talk about what will happen if they pass away.
It might seem premature to have those discussions, because Millennials are young and expect to live for a long time. However, many of them will pass away long before they think they will.
That means they need to think about their mortality and get estate plans established, as the Christian Science Monitor points out in “Millennials, don’t forget estate planning.”
One of the most important things estate planning can do for Millennials is to get them to think about what happens to their belongings and their children after they pass away. Estate planning focuses the mind on how the decisions we make, can have a long-term impact on our loved ones.
If done properly, estate planning also gets young people to think about their need to save money for retirement, emergencies and the possibility they might pass away while they have minor children.
If you are a Millennial, then seek out an estate planning attorney.
You should go ahead and get your first estate plan, just in case something does happen. That will get you started on making important plans, which is a good habit to get into.
Reference: Christian Science Monitor (March 7, 2017) “Millennials, don’t forget estate planning.”