For our generation, estate planning is often the last thing on our minds. Many millennials are struggling to make ends meet, overwhelmed by student loans and trying to get their finances in order. However, a proper estate plan can provide financial security for your loved ones and carry out your wishes following your death or incapacity. Did you know estate planning can allow you to decide who would take care of your children, own your home or inherit your assets if something where to happen to you? It’s quite an important thing to have taken care of.
Millennials make up 25 percent of the United States population and 50 percent of millennial households already have children. That means that one in four millennials are already parents. Becoming a parent means taking on a lifetime of responsibility. As a millennial mother of two boys, being prepared and looking at the future is important, but is easily pushed to the backburner. Have you ever stopped and thought about what would happen to your children if something happened to you? Who is going to take care of your children, and how will they be supported financially? Do you want to leave that decision up to someone else? If the answer is no, an estate plan is right for you.
For my millennial friends that are new homeowners, I know the process of finding the perfect home can be overwhelming and costly. You probably just drained your bank account to get that house, but now you’re feeling like an adult, right? Seventy-two percent of millennials consider owning a home to be a top priority. Now that you’ve accomplished that goal, have you ever thought about what would happen to your home if something happened to you? Will your family or spouse be stuck with your debt? Maybe you want to make sure your children inherit your home? Do you want to decide what happens to your home? If you want to make that decision, an estate plan is right for you.
Lastly, eighty percent of millennials are concerned with their ability to retire. The last thing millennials want to do is work, right? But honestly, when we’re searching for a long-term career, retirement plans and employer contributions to retirement savings is a top concern during the job hunt. Or maybe you’re considering investing, buying shares of stock or creating a non-retirement account? Maybe you already have an investment account? You should think about what would happen to your hard-earned assets and investments if something happened to you. Where would your money go? Do you have a designated beneficiary on your accounts, or would the assets have to pass through a probate estate? If you cannot answer these questions, then you guessed it, an estate plan is right for you.
I’m here to let you know just how important an estate plan is. It provides a plan that details your wishes and must be followed by your family and the court. I never thought about it until I started working in a probate firm almost 5 years ago. I never took the time to think about my own death or becoming incapacitated – because who likes to talk about those kinds of things anyway? We can provide you answers to all these questions that you may not have considered. I can assure you that the answer to all of these questions is an estate plan. As a millennial we have many resources to be prepared, become educated and create an estate plan today. Give us a call to find out more about what kind of estate plan would be right for you.
This letter was written by Danielle Doebel, a paralegal with The Probate Pro.