When you’re in your 20s or 30s, estate planning is probably the last thing on your mind. After all, you’re still building your career, managing student loans, and figuring out your financial future. And if you don’t have dependents or significant assets, it’s easy to assume you don’t need a plan yet.
But here’s the truth: estate planning isn’t just for the wealthy or elderly. It’s for anyone who wants to be prepared and protect the people they care about.
Here are four key reasons why millennials should start estate planning now:
A will isn’t just about dividing up money. It decides who takes care of your personal belongings; your car, your pets, your apartment, even your digital life like social media accounts. Without a will, state laws determine how your assets are distributed, which may not reflect your wishes. Creating a basic will gives you control and peace of mind.
The average funeral costs thousands of dollars. If something unexpected happens and you haven’t planned ahead, your family could be left covering these expenses. Putting a plan in place, whether through savings, insurance, or instructions in your will, helps protect your loved ones from financial stress.
If you’re ever seriously injured or unable to speak for yourself, a medical directive ensures your healthcare wishes are known and respected. This legal document outlines the kind of treatment you do or don’t want, from resuscitation efforts to life support.
It’s crucial to designate someone you trust to make medical decisions on your behalf if you’re unable to. Without this legal authority, your loved ones may face difficult decisions or legal hurdles, especially if you’re unmarried.
The good news? These steps are straightforward and affordable to put in place. And they provide a lifetime of peace of mind. Whether you’re single, just starting out, or somewhere in between, a little planning now protects your future and the people you care about most.
Ready to Take the First Step?
At Alloy Silverstein, we help individuals of all ages, including millennials, start their estate planning journey with confidence. Visit our website to learn more, or contact us to get started today.
Associate Partner
In Kelly's 30+ years of accounting and tax experience, she has worked with many closely-held businesses and business owners in the real estate, retail, professional service, not-for-profit, and agricultural industries.
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