3 Reasons Millennials Need An Estate Plan

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3 Reasons Millennials Need An Estate Plan

As a millennial, we’re trying our hardest to find ways to save. However, even with what little we have in the bank (and despite our debts), we still need to think about what will happen after we pass. Realistically, we assume an estate plan is only for those who are married, have kids, and are well into their careers with lots of assets to allocate. However, that’s far from the truth. Here’s an explanation of the three reasons millennials need an estate plan.

Estates Are Bigger Than We Imagine

Believe it or not, estates don’t just include homes or wealth. People can inherit other things as well. So when setting up an estate plan, consider everything you own as an important asset.

When planning, you’ll need to discuss things like heirlooms, life insurance policies, and retirement accounts with your potential executors and the estate firm. But when you think about it, right now is the perfect time to speak with a professional about starting an estate and preparing what happens to your assets after you pass.

Your Digital Assets Are Valuable

Some social media outlets turn a person’s profile into a memorial after their death, but what happens to the existing account? The digital footprints don’t go away. When planning an estate, you can leave a clause dictating who can take over or close your social media accounts after you’ve passed.

The internet is forever, but you can decide what happens to your memories after your passing. Set your preferences to ensure your digital legacy.

Choosing Your Beneficiaries Is Simple

As life progresses, we have the option to choose what happens after we pass on. As millennials, we need to consider who will become our beneficiaries after we die. There are moments when life events occur, and our beneficiaries change.

To ensure your information is up to date, make it a habit to update your beneficiary list often. That way, when the time comes of your passing, there’s no confusion about who becomes the established beneficiary.

As we wrap up the three main reasons millennials need an estate plan, it’s essential to know that an estate plan and will aren’t the same. One states beneficiaries, those who take over your estate after death, and the other is a declaration of splitting assets among inheritors. Knowing the role each plays will help you plan effectively for your legacy.