Are you in your twenties or thirties? You’ve probably heard about the importance of Wills and Trusts by now, but maybe you feel like you’re still too young or you just don’t have enough assets to warrant any estate planning yet.
As an estate planning lawyer, I can tell you that it’s a huge mistake to think that estate planning is just for older or wealthier people.
The truth is that everyone over the age of eighteen can benefit from estate planning.
As a younger person, your plan may be simple and certainly not as complex as someone who has retired and amassed assets over a career.
But, we have to remember that getting to that stage, or even getting to see tomorrow, isn’t guaranteed to any of us. Accidents or unexpected illnesses can happen at any time.
Here are some reasons why the millennial generation should think twice before putting off their estate planning.
Unlike previous generations, millennials are marrying later in life and choosing to establish a career before settling down. This means they may marry with assets already accumulated, and I’m often asked what to do when combining such assets.
Often, the answer will be including a prenuptial agreement in the plan or trusts that protect premarital assets should the relationship end in divorce.
Even if unmarried, millennials still need someone designated to serve as their Power of Attorney or Healthcare Agent, as parents do not have the ability to make decisions for their children once they turn eighteen.
Those born between 1977 and 1995, it turns out, are the most entrepreneurial generation compared to Gen-X and Baby Boomers, according to a recent study.
If you’re a millennial entrepreneur, you need to protect your business interests through operating agreements, bylaws, assignments of interests, and trusts. A carefully thought out plan can bring peace of mind.
And, considered the most tech-savvy among the generations currently in the workforce, millennials have had access to the various stages of technology their whole lives.
As such, many have accumulated many “digital assets” including photos and videos, apps, social media accounts, electronically stored data, financial accounts, etcetera, and those assets need protection. An estate planning attorney can help utilize local tools that protect online real estate and a digital footprint should something happen.
Finally, millennials want to leave a legacy and are often socially conscious of impacts to society and future generations. If you have a desire to make a difference, that can be carried out in your estate planning. By utilizing Wills, Trusts, and other legal tools, you can choose to direct gifts or portions of your estate to organizations, foundations, or charities close to your heart.
I cannot stress enough: it is never too early to create your estate plan. Whether your goals are simple or complex, our estate planning attorneys can help you come up with a plan that’s right for you. If you need assistance, feel free to contact our law office at (310) 782-6322 to schedule a consultation.