It shouldn’t come as a surprise that estate planning isn’t a high priority for the typical adult in their 20’s or 30’s. One reason is that they usually have not accumulated the assets that people 10 or 20 years older may have. Also, because milestones, like getting married and having children, are coming a little later than past generations.
It is an incorrect assumption that only if you’re a wealthy person, you should be having conversations about estate planning at an early age. As someone younger (the Millennial generation is described as someone born 1981-1996), you may feel that some of those things aren’t even in your wheelhouse yet. Also as a Millennial, you may feel your life is just beginning, and the ending of it is too far off even to consider.
Unfortunately, we never know when our time will be up; having an estate plan in place will allow you to enjoy your life knowing your family and your assets will be taken care of.
This does not mean to say that a Millennial lacks the incentive to make thoughtful decisions about the future. Education is also vital whether we are parents or professionals. It is our responsibility to motivate this generation to plan ahead so that they may have an understanding of what they value.
It is a mistake to think that estate planning is only for older generations. Preparing essential documents like a power of attorney, will, and trust can help provide your loved ones with a clear direction if something happens to you. If you want help understanding how these issues affect you, speak with a local estate planning attorney.
Heidi S. Webb, Attorney at Law serves clients in Daytona Beach, Ormond Beach, Port Orange, Melbourne and beyond with matters of Elder Law, Estate Planning, and Probate Law. Contact her today to schedule a free consultation. Visit her page on Facebook, or see what her clients are saying to learn more about Heidi.