The media spends a lot of time talking about Millennials. Experts analyze their spending habits, discuss how they will affect the economy, and sometimes chastise them for their financial planning or lack thereof. Earlier this year, NerdWallet decided to talk to this generation, saying, “Millennials, don’t forget estate planning” and noting that it is a mistake to think you can put off estate planning until you are in your 50s or 60s.
You may have heard talk of how Millennials tend not to buy homes, perhaps in part because they are burdened with student debt. They also came of age during the recession and may be cautious with money and big investments. While there is not one profile to encompass an entire generation, NerdWallet does observe, “…many millennials are responsible with their finances, contrary to sky-is-falling reports.” But they are still young and even financially responsible youth find it easy to delay estate planning because young people feel they have their whole lives ahead of them.
NerdWallet advises Millennials to consider estate planning for several reasons, including:
- No matter your age, you will want health care directives in place should you lose the ability to speak for yourself.
- Whether you choose to marry or live with a partner, an estate plan can make it possible for your loved ones to avoid certain legal hassles should you not be able to express your wishes.
- An estate plan gives you a say in who will be a guardian for your child.
Since many of us Millennial or not, have a DIY approach to life, the article reminds us that you can easily look online to find ways to create estate planning documents with the added caution that while you can do it on your own, you may still want to get help from a professional. A Fee-Only financial advisor can give assist you with some of the intricacies of estate planning that you may not be aware of if you create your own documents online.
For Millennials (or anyone else) who want to take a minimalist approach to estate planning, NerdWallet also outlines “2 Estate-Planning Documents Millennials Need.”