Estate Planning For Millennials

1981-1996 – The Years of the Millennial. At 24 years old, 30 years old, and possibly even 39 years old, you may think you are too young for estate planning. You may or may not have considerable assets, you may or may not be married, and you may or may not have children. Being a millennial, you likely believe that estate planning is something you need later in life. Dear millennial, you are mistaken. While an estate plan won’t predict your future, it can make that unpredictable future more comfortable with some simple planning. That’s why you should have an estate plan regardless of your age.

What Documents Should Be Part of Your Estate Plan?

It’s true. The millennial generation is much more modern than that of the previous generations. As such, your estate planning needs may be different from the previous generation. Estate planning documents can vary from person to person, depending on their circumstances, and they’re meant to be customized to tailor the needs of each person. Yet, some essential documents ought to be a part of your estate plan.

Will: A Will contains the information and directions of what will happen to your estate after your death. It focuses on the assets you have and the people who will receive them.

Health Care Surrogate: It allows you to name someone who will make your medical decisions if you ever become incapacitated.

Beneficiary Designations: You can designate beneficiaries for your bank accounts, insurance accounts, and almost every asset you have. These distributions tend to avoid probate altogether.

Guardian Nomination: If you have minor children, then you should nominate a guardian who will look after them or handle their property if something happens to you. The person you choose to care for your child does not have to be the same as the person who looks over your child’s property. If you don’t nominate a guardian for your minor child during your lifetime, when the time comes, the court will designate someone as their custodian. Nominating guardians in your estate plan provides peace of mind that if anything happens to you, the nominated guardians are there to care for your children.

Why Is Estate Planning Important For Millennials?

After figuring out which estate planning documents are ideal for your situation, you’ll also want to understand the importance of those documents to the millennial lifestyle. 

Protect Your Unmarried Partner: Many millennials are in no hurry when it comes to marriage. Instead, they prefer to engage in committed relationships with their partners. Unlike married couples, unmarried partners don’t have the same legal rights. So if you want to give legal powers to your partner, an estate plan can make this possible for you. You can designate them as your Health Care Surrogate or give them Financial Power of Attorney so that they can make medical or financial decisions for you in case you’re incapacitated or even if you die unexpectedly. If you share a home or other assets, you can also make sure that the rights of your partner are protected once you pass and that they have access to the home.

Protect Your Money: In the age of the millennial, social media fame has come with both a price tag and a paycheck. If you have accumulated wealth at an early age, an effective estate plan helps to manage your wealth by utilizing effective tax strategies. After you pass, your estate plan can also make sure monetary gifts are distributed how you like, whether it be to family, friends, or charities. It’s also important to note that just as your unmarried partner has no legal rights, neither do your friends. Make sure you don’t forget them in your estate plan. 

Protect Digital Assets: If you are a millennial, chances are you have digital assets like websites, digital content, social media accounts, a cell phone, etc. Whether it be Facebook, LinkedIn, Instagram, TikTok, Snapchat, Gmail, or a dating site, these digital assets can be protected by setting up an estate plan. Many people would not want their family or loved ones reading through their emails, going through their dating profiles, or scrolling their DMs once they’ve passed. You can store the information to these accounts in a secure location and nominate a person that you trust to allow them to gain access to this information in case of your death. Your estate plan will allow you to leave instructions for how you want specific accounts handled. 

Protect your Brand: With the luxuries of social media, now more than ever, many millennials are succeeding at running their own businesses. If you are an influencer, own an Etsy shop, a professional blogger, or even run a YouTube channel, you need a business succession plan for what happens to your business and brand after you pass. The same also applies if you own a brick and mortar business. 

What’s Next?

Speaking to an estate planning attorney can help you navigate through which documents will best protect your assets and carry out your wishes. Be sure to discuss the options of a Will, setting up a Trust, creating a Living Will along with a Health Care Surrogate Designation, protecting your minor kids, and your digital assets. There may also be other estate planning mechanisms not listed in this article that may be best for your specific situation. If you have questions, reach out to us at hello@burnleylaw.com. We’re happy to help!