Estate planning is often associated with older generations, but the truth is that millennials can benefit from it as well. While it may seem like a far-off concern, there are compelling reasons for millennials to start thinking about estate planning sooner rather than later.
Here are four key reasons to begin the estate planning process with our team:
- Protect Your Digital Assets. Millennials have grown up in the digital age, accumulating a wealth of digital assets like social media accounts, digital currencies, and online portfolios. Without proper estate planning, access to these digital assets may be lost or complicated, causing stress for your loved ones. Include digital assets in your estate plan and designate someone to manage them in the event of your incapacity or death.
- Provide for Pets. Millennials consider pets part of the family and invest significantly in their care. Who will take care of your furry friend if something happens to you? Estate planning can ensure that your pet is taken care of.
- Address Student Loans and Debt. Millennials often carry significant student loan debt, which can burden family members if not effectively managed. Student loans are discharged upon death, but other debts may be passed on to co-signers or estate assets. Address your debts in your estate plan to protect your loved ones from financial strain.
- Support Causes and Charities. Millennials are known for their passion for social causes and may wish to leave a legacy that reflects these values. Estate planning allows you to designate portions of your assets for charities or causes you care about. Include charitable giving in your estate plan to ensure your legacy aligns with your values.
Estate planning isn’t just for older people or the wealthy; it’s crucial for millennials who want to protect their assets, provide for loved ones, and leave a meaningful legacy. Contact our team to get started.