Do Millennials Need an Estate Plan?
Millennials, who currently range in age from their late twenties to their early forties, face an interesting set of challenges when it comes to estate planning. With career changes, student loans, and a constantly-changing economic security, many millennials simply are not thinking about estate planning. However, estate planning isn’t just for those who are wealthy or reaching their golden years. You never know what life has in store for you, and planning ahead can help your family navigate any tragedies that may come. If you’re looking for estate planning solutions that fit your specific situation, the team at Entz Burton & Associates can help. Call us at 800-633-7230 to set up a consultation with our Oklahoma City estate planning lawyers.
Why are millennials less likely to seek out estate planning help? There are lots of reasons. To start, many of them reached adulthood during or after the Great Recession of 2008 to 2009, which threw a cloud of uncertainty over their future careers. While loyalty to one company was previously the best way to make a stable living throughout your adult life, millennials have seen the economy shift to one in which you must change jobs every few years to keep your career trajectory going. With all of this going on, thinking about things that may be decades in the future may not be a top priority.
The Challenges Millennials Face
Estate planning is often a hard task for anyone to prioritize. It requires you to think about the possibility of passing away or becoming incapacitated, so it’s not exactly a fun thing to do. There’s also the misconception that estate planning is solely for those who have substantial assets to pass down to loved ones, when in reality, everyone should have an estate plan to protect their final wishes.
Millennials are also the first generation to grow up on the computer. They possess a range of digital assets, including social media accounts, online side hustles, and cryptocurrency. If they don’t plan for these assets, they risk having them lost forever when they pass away.
Unique Considerations
There are numerous considerations that millennials and their estate planning attorneys should keep in mind. To start, millennials are far more likely than older generations to have a mix of income sources. While many have a regular full-time job, about half also have some type of freelance or gig work. This may include working as a virtual assistant, driving for Uber or Lyft, or delivering with Instacart or DoorDash. With different streams of income, it’s important to clarify how income streams are passed down. If a millennial owns a sole proprietorship or a freelancing business, who takes that over and benefits from it when they are gone?
Additionally, this generation is generally marrying and having children later than previous generations. It’s crucial to plan for the care of their minor children or the support of their young adult children in the event of incapacitation or death.
The Importance of an Estate Plan
An estate plan goes far beyond bestowing one’s assets upon loved ones. Planning for incapacity is a crucial component of an estate plan and can ensure you are taken care of and your wishes are followed when you are unable to make your own decisions and care for yourself. Further, it may help surviving loved ones avoid probate, which in itself is a huge benefit. It also allows individuals to plan for their children’s care, ownership of their pets, and important financial or healthcare decisions.
Regardless of how large or small an individual’s estate is, they still benefit from minimizing taxes and avoiding the expenses that can come with transferring assets. An estate plan helps you structure your assets in a way that preserves their value for generations to come.
Getting Started
It’s normal to feel overwhelmed by the idea of working with an estate planning attorney. However, one of the key benefits of working with an estate planning lawyer is their ability to make these processes simple and stress-free. At Entz Burton & Associates, we focus on learning what each client wants to achieve with their estate plan and finding a way to make that happen.
Start Planning for Your Future With Entz Burton & Associates
It’s never too early to start your estate plan. We’ll help you protect your assets and use them to provide for your family. Get in touch online or call us at 800-633-7230 to set up a consultation with our team.
Attorney J. Michael Entz at Entz Burton & Associates is an experience lawyer in estate planning law, business formation and asset protection serving the families in Oklahoma City and Weatherford office.
