One interesting thing that has come out of the pandemic is an increase in estate planning for Millennials. Young people across the country have realized that nothing is guaranteed in life. so many of them have decided to get started early. Here are a few things to consider and keep in mind as you consider planning your estate.
Millennials With or Without Families
A while back we argued that families with young kids need estate planning. As a parent, your job is to take care of your children. In the event of untimely death, it is prudent to have a plan in place to make sure children will be taken care of.
However, that doesn’t necessarily mean that Millennials without a family should skip estate planning. The youngest Millennial is now 26 years old, so they have been in the workforce for some time now. That means for a few years they’ve probably been building assets, accumulating possessions, and saving money.
As you plan, a few things need to be considered. Where do you want that money to go if something happened to you? Do you have a particular friend, sibling, or cousin who could really use the help?
Most of us have a countless number of people we think could really use financial help. An estate plan ensures that our wishes are respected when we’re no longer around.
Planning for Pets
It’s no secret that millennials love their pets. One particularly popular trend is planning for who will take care of your pets in the event something happened to you.
Millennials are waiting longer to get married and have kids. This means for many of them, the only living things they’re responsible for are themselves… and their pets. Terms like “Fur Mama” are becoming more popular as people come to love their pets like their own children.
Just like parents should plan for the future of their children, pet owners should plan for the future of their pets when they’re no longer around. We covered this in our article on why you need a will.
Who do you want to take care of your pets when you pass on? Your parents? Siblings? Neighbor? Best friend? Is there anything special you’d want your pet to have? Some of your assets could be used to buy them something special like premium food for example. If you leave it up to chance, you don’t know what will happen with your pet if you pass on.
Planning to Benefit Non-Profits
The third main area where Millennial estate planning is big is naming non-profits as the beneficiary.
Maybe you’re very involved in your church and want to have your assets be given to the church if you pass on.
It could be you strongly believe in the mission of a certain charity. Or perhaps you love the idea of supporting a local children’s hospital that took care of you when you were young.
Maybe you have a soft spot for animals and want to support an organization like PETA.
You do you. The point is, if you don’t do estate planning, your assets won’t go to an organization you support.
Estate planning for Millennials isn’t just for people with a spouse or children. It’s for anyone who wants some control over who will take care of their pets. It’s also for anyone who wants some control of what happens to your assets when you pass. Give us a call at 714-663-8000 or send us an email and we’ll get the ball rolling for you.