Estate Planning: Millennial’s Take Note
Estate planning is not something that is frequently on the mind of millennial’s. The term “millennial’s” refers to peoples between the ages seventeen and thirty-seven. When asked what is important to them, many people in this generation focus on significantly different aspects of life than generations before them did. Contrary to popular belief, traveling, financial and emotional security, career accomplishments, and being fiscally responsible are all salient goals many of this generation share. Unfortunately, these important plans very rarely include securing a future for their assets and estate planning are extremely imperative financial aspects of life.
A common misconception about estate planning is that people do not need to start worrying about their post-passing financial future until their fifties or sixties. Even fewer people focus on estate planning if they are not married or if they do not have children or heirs to worry about. Power’s of attorney, healthcare proxies, Living Wills, and trusts are all opaque and foreign concepts to the average twenty-year-old and thirty-year-old mind.
Another reason many millennial’s do not feel the need to estate plan is they are legally unattached, childless, young, and happy to “live in the now.” Regrettably, their lack of legal connections makes for a tricky situation when handling their accumulated assets in the event of a premature demise.
What happens when life (and death) happens? What occurs to a person’s possessions, their apartments or new homes? Who will care for them? What will they leave behind and to whom?
All of these questions can be answered simply: estate planning. American government was established to focus on people’s freedom and rights, even after death. Take advantage of your freedom and appoint people in your life to care for your assets that you trust unconditionally. These people may include significant others, family members, or dear friends. This simple act will bring you a peace of mind and the staff and attorneys at Seidner & Associate’s, P.C. would be honored to help.