Believe it or not, Millennials are now legal adults. This means that they, too, are dealing with the common financial decisions that face most Americans. However, given their unique position in the world, Millennials face some different challenges that may make it more difficult for them to plan for the future. While this certainly holds true for retirement, it also pertains to estate planning.
Many Millennials have delayed marrying, buying homes, and having children, and their student loan debt is higher than their predecessors. These facts may leave some Millennials feeling like they don’t need to engage in estate planning, but nothing could be further from the truth. The fact of the matter is that there are estate planning tactics that can meet every situation, including those faced by Millennials.
Wills and trusts can be important to Millennials, even if they have limited assets and/or they don’t have children. These legal vehicles can help ensure that assets are distributed according to their wishes, whether it is to care for a pet, make a charitable impact, or provide for a beloved family member.
Millennials who have children may want to engage in more detailed planning. Specifically, these individuals may want to name a guardian for the child so that the child is left in the care of a trusted individual if the need arises. Also, considering whether student loans are public or private in nature can help determine whether the estate will be subjected to collections upon a borrowers death, which could have a tremendous impact on a child who is supposed to inherit everything.
Fortunately, most individuals who engage in estate planning are able to develop a course of action that works for them and their loved ones, thereby leaving them with peace of mind. Although it may be difficult to think of one’s own mortality, the financial challenges he or she faces, and how those challenges may impact one’s estate, competent legal professionals can help Arizonans confidently navigate the process to develop a suitable plan.