In recent years, more and more millennials have been focusing on creating an estate plan. Something that some people believe is only for older individuals or those with a large amount of assets is now being utilized by the younger generation.
The question you may wonder is, what has resulted in this surge?
Some of the reasons that more millennials are now creating estate plans are due to them having families of their own and the possibility of having to care for their elderly parents in the future.
Millennials are finding a new avenue for estate planning
While many millennials are creating estate plans, they are veering away from traditional methods. Instead, they make more modern, personalized plans to help ensure their legacy is handled based on their wishes. It’s estimated that millennials are now listing (on average) seven different people in their estate plans.
Additionally, people listed in a millennial’s estate plan aren’t always blood relatives. Many are choosing non-blood relatives as beneficiaries, guardians for their children, or to serve as trustees or executors.
Focusing on giving back
Another unique part of millennials’ estate plans that wasn’t seen much with past generations is their passion for helping others by donating to nonprofit organizations through their estate plan.
Creating an estate plan based on your needs and wishes
There’s no right or wrong way to create an estate plan. While there are laws you must follow, you have the right to designate how you want your estate handled after you pass away. Knowing your legal options will help you create an estate plan that works for you and your family.