Many people in the United States overlook the opportunity with estate planning, even if they’ve had a personally bad experience with a loved one who did not conduct estate planning, or whose estate plan did not accomplish the loved one’s goals. People of all ages can benefit from estate planning, and that includes Millennial.
A new study finds that when it comes to things such as financial plans or end of life trusts, many millennials are not concerned about these issues. Nearly half of millennials, however, are in line to receive significant assets as part of the great wealth transfer, which means they’d need to plan financially for a substantial influx of cash or other assets. Recently, 15,000 millennials were asked in a survey about their estate planning and end of life planning preferences. Nearly 62% said they don’t have a trust or a will, frequently the cornerstones of a solid estate plan.
Over half of millennials were not able to answer the question of what might happen to their assets if they died without an estate plan. Despite this lack of action or understanding, nearly three quarters of the millennials who had children who responded to the study said it would be their goal to pass on their assets to their children in some fashion. Communication is one of the leading challenges facing this generation and working with an experienced and qualified estate planning attorney can help make this easier.
