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The Latest Trend for Millennials & Gen Z-ers Is Estate Planning

The Unpredictability of COVID-19 Has Beckoned Young Adults to Consider What Would Happen if They Died

If this year has taught us anything, it’s that life truly is unpredictable. Illness can change the course of even young and healthy adults’ lives, and their incapacitation or death can lead to questions that remain unanswerable without an estate plan.

Estate planning has a connotation that misleads many to believe it’s a task preserved for older generations. The reality is, illness and death can, and do, strike at uncertain times, changing the course of the future for yourself, your family, and your property.

As millennials and Gen Z-ers enter the workforce, establish families, and rise in their careers, it’s crucial they give sufficient forethought to how the life they have created will be protected once they’re gone.

How Gen Z Should Approach Estate Planning

With Gen Z still being young and likely not yet owning property, their estate plan should place emphasis on familial and personal directives. The estate plans of these young adults should focus on how they’d like to be cared for and their assets handled in the event of an emergency.

One of the first things Gen Z-ers should consider is drafting legal paperwork granting their parents permission to receive their medical or financial information in case of an emergency. While parents have the right to this information while their child is a minor, the right is revoked once the child turns 18. From there on, signed documentation is required to allow professionals to share this information to parents.

In addition to allowing information to be received, it’s important to name someone to handle personal and financial decisions in case of incapacitation or death, and document those wishes for them to follow. Young adults can do so by including advance directives and appointing a healthcare proxy and power of attorney.

If you have a family, you could settle decisions of guardianship and name a proper legal guardian to care for your dependents by naming guardians for minor children in a will.

How Millennials Should Approach Estate Planning

Millennials should also ensure they have taken the steps advised to Gen Z-ers above. Then, with their position in life, they should elaborate on their estate plan to include even more, thus allowing further protection for themselves, their family, and their legacy.

If you have acquired wealth, you could, and should, establish a trust to account for it all. Trusts transfer property in the most time and cost effective manner. You can name the trustee of your trust, and name beneficiaries.You should also establish last wishes for how you would like your funeral to be arranged and how you would like to be buried.

If you’ve started investing in stocks or property, you should account for these in your trust and name the trust as beneficiary. You could also consider adding the trust’s name to the property title to allow for easy transfer.

It’s Never Too Soon to Prepare for Your Future

Whatever your situation, our attorneys can help you evaluate your assets and account for them through a personalized and thorough estate plan. As you grow and progress in life, we will remain available to modify your plan to reflect those changes. Allow us to help you protect you and your future.

Contact Kitzke & Canfield for help establishing an estate plan that fits your needs.

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