07 Feb Estate Planning for Millennials: 2024 Edition
As a millennial, you’re in the prime of your life. Most millennials are now in their thirties and early forties, and they’re coming into inheritances, buying homes, starting families, and building wealth.
But before you get any older, it’s a good idea to have a solid estate plan in place. Life is uncertain, so you need to plan for the unexpected. If you want your partner to continue to live in your house after you die, or if you want to make sure your children and pets are cared for, you need to have an estate plan set up—just in case.
Four Estate Planning Facts About Millennials
1: Millennials know more about estate planning than previous generations.
If their parents or grandparents left them an inheritance, millennials have already had to deal with things like probate and taxes. Or perhaps they’ve learned the hard way how debts and funeral costs can affect a beneficiary. In any case, millennials tend to be more familiar with estate planning basics like wills, trusts, and power of attorney. Most of them have had conversations with their parents about estate planning, and many have already started the process themselves.
2: Millennials are great at managing money.
Whether they’re investing in their 401K or paying down student debt, millennials have a good grip on financial matters. So it’s no surprise that they want to protect their assets with estate planning. By taking steps like buying a life insurance policy that would cover their debts or placing their real estate property in a trust, millennials are planning for their future financial success.
3: Millennials are more interested in building generational wealth.
According to Merrill Lynch financial investors, “84% of millennials believe it is important to leave an inheritance to children, compared with only 63% of baby boomers.” If you have children, setting up a trust can help protect their inheritance from taxes, probate, and creditors. It also gives you more control over when and how their inheritance will be distributed.
4: Millennials have the most pets.
When it comes to adopting pets, millennials top the charts. They make up 33% of all pet owners in the United States. And it’s not uncommon for millennials to want to make sure their furry family members are always loved and cared for. Setting up a pet trust can give you the peace of mind that no matter what happens to you, your beloved pet won’t have to suffer.
Meet with an Estate Planning Lawyer
Millennials are great at DIY, but when it comes to legal matters like wills and trusts, it’s best to consult a professional. At Phelps La Clair, your first consultation is absolutely free. So if you have any questions about estate planning or if you’re not sure where to start, we’re here for you.
As experts in the field, we can help you prevent mistakes and make sure that all of your documents are legally valid. We can also help you tailor an estate plan that fits your financial goals and protects your wealth for the future. We have seven convenient locations around the greater Phoenix area. Just schedule an appointment today to get started.