Millennials Are Planning Their Estates More Than Ever

In general, the term “millennial” describes anyone born between 1981 and 1996. While many people don’t think of their 20s and 30s as a time to worry about estate planning, more and more millennials are realizing the importance of getting an early start on this task.

An experienced San Jose will lawyer can help you decide if now is the right time to create a will, and they can guide you through the entire process.

Reasons Millennials Can Benefit from an Estate Plan

Most millennials expect to live for many more decades, but a tragedy can happen at any time, and it is important to be prepared. Some compelling reasons millennials may want to create an estate plan include:

• Starting a family – A will allows you to name guardians for your children should you pass away unexpectedly. Without naming a guardian, it is up to the court to decide who will care for your children. As a parent, it would be in your children’s best interest if you select the person you trust the most to raise them. You can also name guardians for your pets in a similar way.
• Owning a home – Buying your first home is an important step. Deciding who will inherit your home if you pass away is another responsibility that you should not ignore.
• Important healthcare decisions – If you are involved in a life-threatening accident or develop a serious illness, you may not be able to make healthcare and end-of-life decisions for yourself. You can designate a medical power of attorney to make such decisions on your behalf. You can also specify your wishes for organ donation.
• Leaving assets to the right people – Without a will or trust, the court will usually give your assets only to close living relatives, with spouses, then children, then parents getting priority. However, some millennials would rather leave their assets with siblings, cousins, or close friends, or donate them to a charitable organization.

While death is not something you can control, the distribution of your assets and the well-being of your children is something you can decide now in preparation for the unexpected.

Estate Planning Is Not Only for The Rich

While many millennials may picture their older relatives sitting down with an attorney to write a will after they have already accumulated some assets throughout their lives, there are many benefits to creating an estate plan, even when you are just starting out financially. 

Additionally, an estate planning attorney can review your entire financial situation to ensure that you cover all the bases. For example, many millennials have 401(k)s or other retirement plans, and it is likely their biggest asset. It is crucial to update the beneficiaries regularly, so those assets never wind up in probate and go to the person you want to have them.

Contact a San Jose Will Lawyer 

The world of estate planning can be complicated and intimidating. When you select an experienced estate planning attorney to help you, the process gets much easier. Your San Jose will lawyer can also take a detailed look at your situation and help you develop an estate plan that is right for you, whether that is a living trust, a will, or another option. Our attorneys would be honored to help you start the process. To schedule an appointment at one of our offices located throughout the state of California, simply call (800) 244-8814.

If you have any further questions about asset protection planning and strategies to shield your wealth, or if you’d like to have your current asset protection plan reviewed to make sure it still meets your needs, please contact us at our California asset protection office at 800-244-8814 to set up a consultation.