For many millennials, estate planning may feel like something to worry about later in life—after buying a house, having children or nearing retirement. However, the reality is that estate planning isn’t just for older generations or the ultra-wealthy. In fact, starting an estate plan early can provide peace of mind, financial protection and control over important decisions, regardless of someone’s age or assets.
One of the most common misconceptions among millennials is that they don’t have enough wealth to justify an estate plan. But estate planning is not only about distributing assets after death. It’s also about ensuring that your wishes are respected if you become incapacitated, and that your loved ones aren’t left with difficult decisions in the event of an emergency.
Documents like a durable power of attorney and an advance healthcare directive will allow you to name someone you trust to manage your finances and make medical decisions if you’re unable to do so yourself. Accidents happen. Illnesses develop. It’s important to be prepared.
Other important considerations
Another key aspect of estate planning for millennials is addressing digital assets. Many younger adults manage bank accounts, businesses and personal records online. An estate plan can designate how digital assets—such as email, social media accounts and online subscriptions—should be handled and by whom. Without clear instructions, these digital footprints can become difficult to access or manage after death or incapacity.
Millennials with children, pets and/or dependents should be especially proactive. If you’re a parent, for example, naming a guardian for your children ensures that someone you trust will care for them if something happens to you. Similarly, you can include instructions for the care of pets or any family members who rely on you.
Estate planning is also an opportunity to clearly communicate your values and goals. Ultimately, estate planning isn’t just about what happens after death—it’s about making thoughtful choices now to protect your future. No matter your age or stage of life, working with a skilled legal team can help ensure that your decisions are honored and your loved ones are supported as the future unfolds.