Younger people and in particular Millennials are starting to take over the business world. They’re entering their prime career and earning years. Millennials are starting businesses and beginning to work their way up the corporate ladder. However, they seem to forget a crucial part of their life, their estate.
Despite advancements and the importance of this generation in business, this demographic is leaving something out of the equation in many cases: estate planning. It’s not just Millennials that don’t think about estate planning sometimes until it’s too late, and it’s not an uncommon feeling for younger, healthier people to neglect estate planning.
It can seem like something that doesn’t need to be a priority. There are reasons even Millennials and people just starting careers and families should think about estate planning, though.
When you’re younger, you may not have a lot of assets, so there’s a feeling that you don’t need to protect them. Millennials and young people don’t tend to understand how many assets they have though.
There are things like investment accounts, homes, vehicles, savings accounts and even if you own a business, it’s an asset. Just because a person isn’t a millionaire doesn’t mean they don’t need a plan for how their assets will be distributed.
Also, it isn’t only about financial assets. There are things such as treasured belongings, family photos, and even social media accounts that you will probably want to make sure are handled according to your wishes if something happens to you.
There is more to estate planning than creating a will to distribute assets. There are certain complexities related to how those assets are distributed, including tax considerations.
If you’re a Millennial with a spouse and a child, you don’t want to leave them in a difficult tax situation in the event you pass away. You want to make things as simple as possible for the family you leave behind.
One of the most overlooked reasons to have an estate plan is medical incapacitation. If something happens and you’re not able to make decisions, temporarily or for the long-term, you want plans in place that will dictate your wishes.
Most of us do feel like we would want some say in our medical care if we weren’t able to make a decision. If you don’t outline what you want, your medical decisions could be left up to other people, and it could leave your loved ones in a difficult spot.
Finally, if you’re a Millennial and you have children, estate planning should be a priority. Estate plans can dictate who will be the guardian of your child if you aren’t able to be. You can help save on things like fees and court costs on behalf of your children if you have a strong estate plan, and you’ll be taking the best steps possible to protect your children if you’re not able to.
It’s difficult to talk about estate planning, but at the end of the day, you’re giving yourself peace of mind and also protecting your family.
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