Why Millennials need an Estate Plan
Updated: Feb 8, 2021
We know nobody likes novels on social media, but this one may be worth a read. Some sources say "Millennials" are those born in 1980 or later, while others say 1981. Either way, we make the cut off! This is directed towards the younger generations, but truly applies to everyone. A big thanks to our co-author, Savannah Nalls for her contributions.
A large misconception today amongst young people is that estate planning is only beneficial for the “wealthy” or elderly. However, this cannot be further from the truth. There are many reasons why Millennials should still consider executing an estate plan, even if you do not own a home, have minimal savings, or are bogged down with student loans. If you are a Millennial, this article will address the top three main reasons you should consult with an Attorney about your options for creating your estate plan.
“A large misconception today amongst young people is that estate planning is only beneficial for the “wealthy” or elderly. However, this cannot be further from the truth."
An Estate Plan Can Address Your Social Media and Digital Assets.
Millennials are unlike any other generation in the way they consume social media and mobile applications. What you may not know is that your estate plan can address how you would like your social media accounts to be managed after you are gone. Whether you use social media as an “influencer” or merely for entertainment, you can benefit from executing a trust. It is not uncommon to see a trustee submit a final post to all your loved ones, or continuing to post in accordance with your wishes. In essence, you have the means of choosing how you leave your legacy.
In addition to social media, financial accounts like PayPal, Acorn, Venmo, and Robinhood, which are popular amongst Millennials, are especially difficult to manage after death. These accounts often have low visibility, and beneficiaries may never be notified of the existence of funds. Ultimately, a discussion with an estate planning Attorney could ensure investment and cash funds go to your beneficiaries, rather than to the government.
Your Partner is Often Unprotected Without an Estate Plan.
Social media and digital assets are not the only reason Millennials should consider executing an estate plan. Today, more and more couples are deciding not to get married, feeling that a marriage certificate is nothing more than a piece of paper, and instead choosing to cohabitate as life partners. However, this arrangement can be detrimental when one spouse passes away. In Connecticut, for example, if you were to pass away unmarried and without an estate plan, your significant other would not be able to inherit anything from you. The process is even more complicated if you and your partner are young homeowners. This is because, depending on how your property is deeded, your partner may immediately lose their right to live at the home. Therefore, when consulting with an estate Attorney, it will be important to inquire about how you can ensure your significant other receives the inheritance you want them to have.
A Living Will Can Protect Against Physical Incapacitation.
Millennials who do not have any assets can still pose to gain from an estate plan. While you may not want to think about it, people at any age can become severely injured in accidents. Even if these accidents do not result in death, it is critical to have a living will executed so your wishes are taken into consideration. If you were to become mentally incapacitated to the point where you were unable to communicate to others, proper estate planning will allow you to dictate precisely how you want your matters handled and can even give instructions to your medical providers.
Ultimately, whether you are a social media star, Robinhood investor, or unmarried bachelor, you can always benefit from an estate plan. If you are located in Connecticut and are ready to take the next steps in protecting yourself, your assets, and your loved ones, reach out to us here at Marti Law Group at (860) 249-1070 and we will schedule you a no-commitment, free consultation…we may even give you an Instagram shout-out.