Estate Planning is not usually on the forefront of Millennials’ minds. There are lots of things they worry about, but what happens to their estate if they die or become incapacitated is not usually one of them. The Millennial generation consists of individuals born between 1980-2000. These consist of young professionals and new parents, both of which have plenty of reasons to start worrying about their estate plan.
They Like to Travel
One of the reasons it is important for Millennials to have an estate plan in place is because they love to travel. Their travel often includes exciting and dangerous activities. If something were to happen on one of these travels, it would be very helpful if they had an estate plan in order. Not only a Will, but a Medical Power of Attorney, in the case someone else had to make their medical decisions for them. Creating a simple Will plan can give Millennials and their loved ones some peace of mind before their next big adventure.
They Love Their Pets
A lot of Millennials these days are putting a delay on parenthood and instead deciding on getting a fur baby. However it is not thought about what would happen to their fur baby if they were unable to care for them. In creating an estate plan, you could decide who you would like to care for your pet if you are unable to, and how you would like that pet to be cared for. You will know which treats or toys your pet may like, but others do not. Without an estate plan, the fur-babies could end up in a shelter.
More Digital Assets
Millennials are likely to have more digital assets than other generations. They have all their social media accounts including Facebook, Twitter, Instagram and Snapchat. If they create an estate plan they can create a list of accounts they would like managed on closed by others. They may have bitcoin, blogs, applications they created, YouTube channels, or websites. All of these digital assets can often make a lot of money for Millennials and will therefore need to be administered in their estate. It is important that all of these things are distributed as the Millennial wants and included in their estate plan.
Millennials are a group of young people who have no plans to die anytime soon. However, like everyone else they are not immortal and it is important to think about what would happen to their pets and property in the event of their incapacity or death.
Nielsen Law PLLC provides family focused estate planning to individuals and families in Austin, Round Rock, Cedar Park, and the Central Texas area. For more information and to learn about our firm, please