5 Reasons Millennials & Young Professionals Need an Estate Strategy
Authored by: Adelae Winters, Financial Advisor at Cordell, Neher & Company, PLLC
You’re young, your liquid assets are humble, and you might not have anyone relying on you, financially. So, why do you need to think about estate management?1
Millennials, those currently in their late twenties to early forties, are experiencing their top earning years. That means that for these young professionals the focus is often on growing careers, raising families, purchasing property and investing in their lives and futures. During this season of life, when there is so much to think about, it’s easy to think that it’s “too early” to think about an estate strategy.
But the truth is more and more millennials are realizing that creating an estate strategy now is a thoughtful thing to do for their loved ones and to ensure their assets are handled how they’d like.
Here are five great reasons many millennials develop estate strategies:
Estate Strategies: They're Not Just for the Elderly
You’ve worked hard for success, ensure your assets are taken care of. Some millennials have acquired substantial assets. This includes high earners like physicians and engineers, business owners, those with significant investments or those with inherited assets. If this is you, you’re probably planning intentionally and growing your assets and savings for retirement. Similarly, a thoughtful estate strategy helps ensure that these assets are handled how you’d like after you’re gone.
- Everyone needs a will. Of course, a will outlines what happens to your assets, home or who cares for your loved ones and pets after you pass. But a will is important even if you don’t have significant assets to pass on. It’s a vital document to help your loved ones take care of things, including naming who should manage your social media accounts once you’re gone or inherit items you’ve accumulated, like furniture, electronics or your car.
- You don’t want to burden others with burial expenses. Funerals can be expensive, and if you don’t have the savings to meet those costs, that burden gets shifted to others. A comprehensive estate plan will help you save for burial, funeral and end of life costs instead of passing those on to family and loved ones.
- A medical directive makes things easier for your loved ones. This important document states your wishes for end-of-life care. In the case of an unfortunate accident, a medical directive provides instructions about the level of care you want and what happens to your body at the end of life, e.g., palliative care only, or becoming an organ donor.
- A durable power of attorney eases health care worry. These can be difficult conversations to have, but those who have been through tough medical times with family know the importance of a power of attorney. In the event you are unable to make medical decisions for yourself, a durable power of attorney gives the individual of your choice the legal power to act as a health care proxy for you and prevent family discord in the event of differing opinions.
Though the multiple financial goals of many millennials and young professionals often require more resources than their present earnings can meet, an intentional estate plan can be accomplished at a relatively small cost and have a big impact on peace of mind.
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