Reasons you need to get your estate planning done as a millennial

Did you know the third week of October is National Estate Planning Awareness Week? Millennials are a large demographic that haven’t gotten their Estate Plan in order; Estate Planning is not something you can afford to put off until tomorrow…

Many millennials often assume that estate planning can be put off since they haven’t amassed significant wealth yet. However, this is a misconception. Several life events can prompt millennials to consider estate planning, as revealed in Trust & Will’s annual Millennial study:

1. 34% mentioned having a child.
2. 9% noted the purchase of a home.
3. 8% experienced an increase in income or net worth.
4. 11% were prompted by the loss of a family member.

These life changes underscore the importance of estate planning.

Reasons for millennials to complete their estate planning documents

Promptly and what should be included:

1. Ensure Your Children’s Future:

Without a will, the court will decide the guardianship of your children. Taking the time to select a guardian and documenting it in your will ensures your wishes are honored and provides stability for your children’s future. Don’t forget about your pets in these documents either.

2. Make Health Decisions:

Although it may be uncomfortable to contemplate, there may come a time when you can’t make medical decisions for yourself. 60% of millennials have not completed their healthcare documents. It’s crucial to plan ahead, granting trusted individuals the authority to make decisions in your best interest if needed.

3. Designate Financial Decision-Makers:

If you become incapacitated, who will manage your financial affairs? Designating a Power of Attorney is vital; this document empowers someone you trust to handle your financial responsibilities, from paying bills to managing your mortgage.

4. Determine End-of-Life Care:

While it’s a somber topic, it’s essential to have a say in your end-of-life care. Decide whether you want doctors to employ extreme measures, your organ donation preferences, and your funeral arrangements. These choices should be made by you, not by the courts.

5. Regularly Update Your Estate Plan:

Life is dynamic, and so should your estate planning documents be.

Changes like marriage, divorce, or the birth of children necessitate updates. Regularly review and modify your documents to ensure they reflect your current wishes. Estate planning may not be the most exciting topic, but it’s a necessary one. Whether you’re creating an estate plan for the first time or updating an existing one, prioritize this task.

Your estate planning documents are only as effective as their last update, so invest the time today for your peace of mind and your loved ones’ well-being.