Why Millennials Shouldn’t Skip Estate Planning
Millennials are running the world right now. They’re at that age where they’re climbing the corporate ladder, making plans for long-term career accomplishments, bucket lists of things to do and experiences to have. They’re looking at starting families, settling down, traveling, grabbing life by the horns and holding on for all its worth.
One thing they’re not doing right now is thinking about end-of-life planning, and why would they? Few people in their mid 20s and early 30s are concerned about such issues. The truth is, however, the earlier you start estate planning, the better off you’ll be. Let’s look at the importance of millennials and estate planning, what it accomplishes for you, and the reasons it’s important to make these decisions now.
Millennials and Money
Many millennials are entering the stressful period of adulthood where they take on major responsibilities like parenthood, home ownership, caregiving, and career ladders. However, this generation is incredibly unique in the way they view money and finances. Millennials grew up during the great recession and have faced unprecedented levels of student loan debt.
This has led many millennials to have an unprecedented level of financial responsibility. They’re better with money than many preceding generations. However, they still don’t think enough about the long term, about the far future and about what they’ll leave behind. In fact, over 60% of Americans don’t have a will, and this has to change.
Why Estate Planning Matters
Estate planning should be a vital part of your financial management strategy. If nothing else, taking care of it now gets it done and out of the way. But more importantly, it allows you to prepare for unforeseen circumstances. You could have an accident at any time, leaving you unable to make important healthcare and financial decisions. An estate plan allows you to set directives, establish powers-of-attorney and ensure your desires are covered.
It may be even more important to millennials, who are also viewing marriage differently than prior generations. If you have a long-term partner but don’t feel the need for marriage, you’ll need some way to ensure they’re provided for and that they can provide for you, should something unforeseen happen to you. Estate planning can give them such rights.
Providing for Children
If you’re a millennial with young children, you need to think about the kids should you have an accident, get sick, or become unable to care for them. Estate planning allows you to ensure that your kids will not only be financially provided for, but that they have a guardian to care for them and raise them in your absence. It’s better that you make these decisions than the courts.
Millennials and Estate Planning
Millennials and estate planning should go hand in hand. You’re hitting the right age to take the plunge, and the estate planning attorneys at Tanko Law are here to help. Whether it’s a will, power of attorney, healthcare directives, or any other aspect of estate planning, we’re ready to help. Just get in touch with us today and let us help you get your estate and financial planning started!