Ending the Myth of Estate Planning for Millennials

It's Not Just for Boomers Anymore

Estate planning often gets a bad rap as something only for the wealthy and elderly. But this myth ignores the real benefits millennials can gain from thinking about end-of-life planning. With some forethought now, you can protect your loved ones and assets in the future.

You Probably Have More Assets Than You Realize

Many millennials think estate planning doesn't apply to them because they don't have significant assets. But you likely have more than you realize, including:

• Retirement accounts
• Bank accounts
• Personal property like vehicles, jewelry, collectibles
• Digital assets like social media accounts, cloud storage, cryptocurrency wallets

Without a plan, these assets could get tied up in probate court after you pass away.

An Estate Plan Protects Your Loved Ones

A basic estate plan includes documents like a will, healthcare power of attorney, and financial power of attorney. These legal documents allow you to name guardians for minor children and caregivers if you become incapacitated.

Most importantly, a will ensures your assets pass directly to your chosen beneficiaries and avoids fights between estranged family members.

Planning Now Saves Time and Money Later

Creating an estate plan while you're young and healthy avoids complications down the road. You can outline exactly how you want your affairs handled instead of leaving it to chance.

It's also much less expensive to create a basic estate plan in your 30s versus waiting until you're older. Simple online will-making services cost under $100 to get started.

Take Control of Your Digital Legacy

Your online presence has value - from social media accounts to cloud storage with important documents and photos. Estate planning lets you pass on login info or delete accounts entirely after you die.

Without a plan, managing digital assets can be complex for loved ones. Many platforms have unclear policies around account access after death.

Get ahead of this issue by outlining your digital legacy in your estate plan.

Start with Small Steps

You don't have to overhaul your finances overnight. Begin estate planning with a few small steps:

• List key accounts and assets: Know exactly what you own so it can be accounted for later.
• Name beneficiaries: Update beneficiary info on bank/retirement accounts to avoid probate.
• Share key documents: Make sure family can access important documents in an emergency.
• Visit an estate attorney: Get professional advice to create a customized plan for your situation.

The bottom line? Estate planning is essential at any age to protect what matters most - your loved ones. Don't buy into the myth that it's only for the elderly and wealthy. Take control of your financial legacy today.