There’s a lot of press devoted to the fact that many Millennials are waiting. Waiting, that is, to do three things, including:
- getting married
- buying a first home
- having children
But, should that mean Millennials have little reason to do estate planning? Not at all, according to the National Law Review. Millennials may not have children or substantial assets, but what they do have are:
- student loan debt
- causes they embrace
- digital assets
Millennials also have elders, and must be prepared to deal with aging parents and, often, with future inheritances. In fact, at Geyer Law, wherever possible, we encourage our clients to include younger family members in estate planning discussions.
Legal adults, no matter how young, the Law Review reminds Millennials, need a durable power of attorney, a healthcare power of attorney, and a living will, because when you become a legal adult, your parents no longer have this role.
Millennials need a plan for their digital assets, the Review adds, including:
- social media accounts
- ancestry research accounts
- email accounts
“Who is going to wind up your online presence after death?” “Who will tend those accounts for you while you’re incapacitated?” These are questions our estate planning attorneys discuss with Millennials.
Since Millennials have adopted more pets than any prior generation, pets become an important part of their estate planning. Without planning, we remind Millennials, pets will be considered property. If a pet is to be treated as a beneficiary, a legal plan is needed. (We can help establish a pet trust to see to the future care of a pet should our client pass away.)
One estate planning reality check for Millennials involves student loans. Private student loans never end up just “going away”, although federal loans are generally forgiven upon death.
“Millennials are known for wanting to make a difference,” the Law Review states, and as estate planning attorneys, we know how important it is to discuss social impact goals with our Millennial clients.
Millennials may be waiting to buy homes and start families, but their lives are happening now, and so should their estate planning.
– by Ronnie of the Rebecca W. Geyer blog team