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Should Millennials Create Estate Plans?

8/16/2019

2 Comments

 
Picture

Estate Planning for Millennials

As millennials – those born between the early 1980s and mid-1990s – move through adulthood, many question whether estate planning is a worthwhile venture for their needs and their lifestyles. For others, estate planning simply isn’t on their radar. 

To put matters succinctly – yes, creating an estate plan remains a worthwhile method for millennials to protect their most important assets both now and in the future. 

Here’s why millennials should consider making an estate plan while they’re still in their 20s and 30s.

Reason #1 – Protecting an Unmarried Partner

For a variety worthwhile personal and social reasons, a large portion of millennials have chosen to forgo or delay formal marriage. Even so, many still live in committed relationships that they wish to see respected in the case of an untimely injury or death. An estate plan is an excellent method for locking down critical protections for partners not automatically covered through marital bonds.

In many cases, an estate plan can help an individual establish a partner in a key legal role, such as providing them with power of attorney or ensure their partner receives support as a designated beneficiary. Both cases are crucial to ensuring an individual’s wishes are respected with regards to the law and their partner.


Reason #2 – Provide for Charitable Causes

Perhaps more than any previous generation, millennials have been driven to service and social engagement with prosperous effects. Though many have remained socially engaged well into adulthood, few ever consider how they can perpetuate their service even after their passing. Just as in previous generations, charitable giving remains a prime method for accomplishing this goal.

Either as a bequest in a will or by way of a trust, many millennials should consider charitable causes as a worthwhile reason to create an estate plan. Doing so can help solidify a positive social impact to a worthy organization for many decades to come — even after you pass away. 


Reason #3 – Addressing Digital Assets

As digital natives, many millennials have grown up holding valuable digital assets, both personal and business-related. Modern estate plans are one of the best ways to solidify the distribution of these digital assets, especially in categories where current laws lag behind evolving digital realities.

Empowering your Personal Representative to access and manage these digital assets immediately, protects the asset’s value, and makes sure they are properly managed and not lost.

​
The Bottom Line

In the end, millennials have plenty of viable reasons to establish an estate plan as soon as possible. When it comes to protecting your assets and wishes, only a well-crafted estate plan can provide full assurance in case of an untimely incapacitation or passing.

Individuals interested in drawing up an estate plan should contact SLNLaw today. Our estate planning services are designed to meet the diverse needs of our clients — regardless of age!

​
2 Comments
Chris Pederson link
10/7/2020 11:29:29 am

Thanks for the advice to use an estate plan to lock down critical protection for people who aren't married. My son doesn't want to get married but he has been living with his girlfriend for years now. If things stay the same then I will bring up an estate plan to them.

Reply
Zachary Tomlinson link
1/7/2021 12:29:46 am

I had no idea that by having an estate plan, you can ensure that your partner can receive support if eve you end up getting incapacitated. I should probably share this with my uncle, who's worried about this pandemic and its effects. This way, he can leave his assets to his beneficiaries if something happens to him.

Reply



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  • Home
  • Employment Law
    • Guide To Employment Law Content
    • Advice for Employers >
      • Hiring Independent Contractors in Massachusetts
      • Termination Best Practices
      • Workplace Discrimination Employer Guide
      • Employee Handbook >
        • Employee Handbook Basics
      • Paid Family Leave and Your Small Business
      • Overtime Law for Employers
      • Employee Complaints About Pay
      • Employee Non Competes
    • Advice for Employees >
      • Discrimination in the Workplace
      • Sexual Harassment at Work >
        • Sexual Harassment Resources
        • Sexual Harassment in a Small Business
        • Constructive Discharge
        • Sexual Harassment and Non Disclosure Agreements
        • Sexual Harassment and Remote Work
        • Sexual Harassment Case Studies
      • Massachusetts Paid Family Leave
      • Non Compete Agreements >
        • Are non competes enforceable
        • Massachusetts Non Compete Act
        • Pre 2018 Massachusetts Non Competes
        • Non Compete Case Studies
        • Can I Avoid My Non Compete
      • Independent Contractor Law >
        • Independent Contractor Test
        • Working As Independent Contractor
        • Independent Contractor Case Studies
        • Independent Contractor Roadmap
      • Wage and Hour Laws >
        • Massachusetts Minimum Wage
        • Overtime Law >
          • Overtime Exemptions
          • Employee Travel Time
          • Federal or State Overtime Law
        • Overtime Law Case Studies
        • Massachusetts Wage Act >
          • Payment of Commissions
          • Wage Deductions
          • Late Payment of Wages
          • Paid Time Off
        • Wage Act Case Studies
        • What Are Your Wage and Hour Rights
      • Employment Contracts in Massachusetts >
        • Restrictive Covenants
        • Promissory Estoppel
      • Employment Termination >
        • Severance Pay
        • Should I Accept a Severance?
      • Do I Have a Case?
    • Unemployment in Massachusetts >
      • Unemployment Overpayment
      • Pandemic Unemployment
      • Unemployment Case Studies
  • Estate Planning
    • Guide To Estate Planning Content
    • Legacy Protection >
      • Why You Need an Estate Plan >
        • Why You Don't Have an Estate Plan
      • Massachusetts Estate Tax
      • Asset Protection Trusts
      • Children with Special Needs
      • Planning for Assisted Living
    • Is Your Will Enough >
      • Special Circumstances >
        • Estate Planning for Blended Families
        • Estate Planning for a Non Citizen Spouse
        • Estate Planning and Divorce
        • Estate Planning for Small Business Owners
      • Surviving Spouse's Share
      • Disinheriting Children Massachusetts
      • Updating Your Estate Plan
    • Estate Planning Documents >
      • What is a Trust >
        • Revocable trust
        • Irrevocable trust
        • Irrevocable vs revocable trust
      • Last Will and Testament
      • Durable Power of Attorney
      • Massachusetts Health Care Proxy
      • Life Estates in Massachusetts
      • Massachusetts Pet Trust
    • Probate Process >
      • Non Probate Assets
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