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Should Millennials Worry About Estate Planning?

On behalf of Block Legal Services, LLC posted in Estate Planning on Friday, March 10, 2017.

Generation after generation, people have tended to procrastinate when it comes to estate planning. There is nothing new about this. However, a report from PEW Research Center shows that Millennials may have even less reason to create an estate plan at a young age than previous generations. They are holding off on getting married, buying a house and having children. So it makes sense that they would hold off on estate planning as well. Or does it?

Understanding What Estate Planning Really Is

One reason why many people choose to wait to create an estate plan may have to do with a limited understanding of what estate planning is and what it can do.

When people think of estate plans, they often think solely of passing assets on to their loved ones. While that is a core focus of most estate plans, there is much more that can be accomplished, from naming guardians for minor children to providing instructions for the handling of medical care and financial issues in the event of incapacity.

Estate Planning Is Not A One-Time Thing

Another barrier that people may have when it comes to estate planning is that they think they can wait until a certain event happens, create the estate plan and then be done with it. That is not the case. Life comes with changes, and estate plans should change too.

Perhaps you have children, but you were waiting until you bought a house or acquired more assets to write a will and create an estate plan. There is no need to wait. You can set up an estate plan now to protect your children, and you can update it as necessary.

Perhaps you have a home and some assets, but you were waiting until after you had children to do your estate planning. Why not get started now so that the assets you have worked so hard for are protected and you can update it when the time comes?

An estate planning attorney can review your situation and let you know if the time is right for planning your estate. If it is, your attorney can offer guidance about the estate planning tools that are most appropriate for achieving your goals.