It is not uncommon to associate some tasks with retired and elderly adults. For example, many would put off establishing an estate plan until later in life because it was thought that it was something you did when you were old and retired. Well, this has not been the case for several years and even decades now. In fact, young adults have realized the importance of drafting a will and creating an estate plan.
Life events leading to drafting an estate plan
Life events are often the cause for young adults to draft an estate plan. For example, one may want to start the process when they get their first job out of college. Oftentimes, this process is sparked when one gets married or has a child. These are all major life events that now trigger young adults to draft an estate plan; however, these are not the only reasons millennials are seeking to get their affairs in order with an estate plan.
Why do events trigger estate planning?
With the current world-wide events going on, many young individuals have seen and experienced loved ones passing. This illustrates that death is a part of life, we are not invincible and illness could strike at any time. The thoughts of “what if” often run through a person’s mind, leading to them to think ahead and establish a plan. Maybe they just bought a house, got married, got a promotion, had a child or had a loved one pass.
Millennials are considered a sandwich generation. This means that they do not just act as caretakers for their children but for their parents as well. When one takes on a lot of responsibilities, they are likely to better plan and prepare. Most individuals in this group choose a will-based estate plan. This this provides the appointment of guardians for children and pets and designates how assets are distributed.
Whether one seeks to draft an will, create an estate plan or update a current plan, it is never to early or too late to do so. An estate plan is an evolving document, and with each life event, one should be prepared to modify and update their estate plan. Therefore, one should understand this process and how best to memorialize their wishes.