Six Estate Planning Tips for Younger Generations
Estate Planning isn’t just for the older generation. Millennials are actively prioritizing estate planning too.
A report from Trust & Will reveals that 78% of millennials value building multigenerational wealth, surpassing 45% of older generations who share the same sentiment.
Let’s redefine the narrative around estate planning and encourage everyone, regardless of age, to take proactive steps for a secure financial future.
More from Kiplinger Personal Finance:
Most people think estate planning is a process for older, generally affluent individuals nearing retirement or dealing with health concerns. This common misconception leads many to believe there’s a generational gap regarding estate planning — an assumption that comparatively young and healthy people are not taking proactive steps toward safeguarding their money and property for the future.
However, the reality starkly contrasts with these misconceptions. Estate planning is increasingly top of mind for younger generations. Their unique attributes, including technological savviness, pragmatic financial views, entrepreneurial spirit and humanitarian concerns, effectively position them for early estate planning endeavors. According to a report from Trust & Will, 78% of Millennials emphasize the significance of building multigenerational wealth, a sentiment shared by only 45% of older generations.
While considering estate planning at a young age may seem daunting, it doesn’t have to be. Here are six tips for the next generation to keep in mind.
Start with a basic will.
Appoint a power of attorney and draft medical directives.
Deliberate on guardianship.
Explore a living trust.
Don’t forget your ‘digital estate.’
Seek professional advice and perform updates.
Read the full article from Kiplinger Personal Finance HERE.
Need assistance navigating the ins and outs of estate planning? Lubnau Law can help. (302) 682-1313.