Millennials and Estate Planning
Millennials are one of the most talked about generations in the world today, especially considering that millennials wait longer to buy homes and get married. What kind of effect could this have on millennial estate plans?
What effect could they have on estate planning?
Millennials as a whole have put off traditional “rites of passage” into adulthood, such as buying a house, getting married, and starting a family. Often, this is because of a lack of opportunity as many Millennials came of age during the Great Recession, when finding work was a challenge. This plays into estate planning because Millennials do not necessarily consider the assets they do have “an estate.”
Should Millennials get estate plans?
As we have discussed previously, anyone over the age of 18 can make a Will and estate plan and it is always encouraged. Specifically for Millennials, who are waiting longer to get married, a Will or estate plan can make any wishes known in case something happens. Perhaps you have a significant other who you live with but are not married. You are able to name this person in your Will to ensure that they get a share of your estate. The same is true for any children you might have out of wedlock. Illegitimate children can face problems if one of their parents passes away without a Will.
Millennials also do have estates, even though they may not be what comes to mind when one hears the term “estate plan” or “estate administration.” However, if you have a small savings account and car, wouldn’t you want it to go to the person of your choice instead of where the state decides it has to go? Creating an estate plan allows this to happen.