No one wants to think about their own eventual demise. Between student loans, buying a home, and getting married, most millennials rarely have the time to think about it. A recent polling found that only 46% of Americans have a will that describes how they would like their money and estate to be handled after their death.
However, that doesn’t change the fact that you need to think about and begin addressing the personal, financial, and legal aspects of estate planning as soon as possible.
What Is Estate Planning?
Estate planning is anything you do in preparation for your possible incapacitation or eventual death. Creating a trust or a will allows you to decide what you want to happen after you die.
Here are 4 reasons why millennials need to create an estate plan.
#1 For Their Children
Anyone with children that are minors need to name a guardian for their children in the estate planning. The guardian is who the children will live.
A conservator, which is the person in charge of handling all financial affairs, should also be chosen, for they will manage any assets for the children.
#2 For Their Digital Assets
From social media profiles, to blog pages, to email addresses, it’s important to take inventory of the various spaces of the internet you occupy, so that your wishes can be honored.
Maybe you want your Instagram page memorialized.
Regardless of the asset, it’s very important to keep a secure list of user names and passwords with instructions for your various accounts.
#3 For Their Pets
During a survey conducted in 2020/21, it was revealed that millennials represented the biggest share of pet owners in the United States. If you have children, you may want to ensure that a family pet stays with your children.
On the other hand, if you don’t have children, you may place greater importance on securing your pet’s future above other estate planning goals.
Without a legal plan for your pet, a cherished animal could end up in a place beyond your control.
#4 For Their Business
Most business owners are so wrapped up in the day-to-day operations of their business that they don’t even have the time to consider a period in which their business could one day operate without them.
If you’re a small business owner, you can work with estate lawyers to plan business succession. This ensures that you will have a plan for how your business can continue and grow without you.
Final Thoughts
I know that thinking about something of this nature is daunting and scary. However, you must be prepared, because you have reasons that require you to be!