Updated: Jun 17, 2022
You may picture a couple in retirement sitting down with a lawyer when you think about estate planning. They make plans for their home and businesses as they reach their golden years in life. But the truth is that more and more millennials are estate planning. Why is that? And why is it so important?
Why Estate Planning for Millennials Is More and More Common
Estate planning is for people of all ages. For anyone thinking that they want to plan for the unexpected with life insurance and a funeral plan, state planning is just as important. Look at some of the reasons why millennials are estate planning:
1. They Have Kids: An increasing number of millennials have children. As they take on the responsibility of rearing children, they are more determined to be prepared if something were to happen to them. In an estate plan, you can appoint guardians for your children.
2. They Have Aging Parents: Watching your parents get older and make end-of-life plans can put life into perspective. As a result, many millennials choose to make plans for their assets, create trusts, and look into tax planning.
3. They Want to Prepare for Uncertainty: The past two years have been pivotal for a lot of young people. How many people used to be able to say that they lived through a pandemic? When you see that health statuses can change at the drop of a hat, it promotes planning for the unexpected. Millennials want to be prepared for what their parents and loved ones may not have seen coming.
No matter what the reason is for estate planning, it is always essential to protect your assets and the people you love. Find a trusted estate planning lawyer to get the job done right.
At Miles & Hatcher, LLP, we want to guide you through the estate planning process. You may think the process is lengthy, but it can be straightforward with the right team. So make an estate plan now, and revisit it with any significant life changes, including marriage, birth, divorce, or death. Call today to schedule a free consultation: (909) 481-4080.