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I’m Under 40. Do I REALLY Need an Estate Plan?

I’m Under 40. Do I REALLY Need an Estate Plan?

June 01, 2024

Importance of Estate Planning for Millennials

There's a big difference between knowing you should do something and actually doing it. For millennials, one of those things is estate planning.

New research from Trust & Will, an estate planning services company, has shed light on this gap. Eighty-one percent of millennial Americans — who are currently between 28 and 43 years old — think it's important to have a will at their age, the study found. But only 36% have an estate plan of any kind.

Benefits of Working with a Certified Financial Planner

I find that many of my clients don’t have estate plans because they are not sure where to start. That's just one benefit of working with an experienced, highly-trained, CERTIFIED FINANCIAL PLANNER™ professional and Behavioral Financial Advisor in West Saint Paul, Minnesota. Every one of my clients knows why they need an estate plan and has been introduced to a great estate planning attorney who can help them sort through the best options for their situation. If you would like my help, follow this LINK to find a time for us to have a get-acquainted visit.

Basic and Complex Estate Planning Needs

In general, all families need basic estate documents, and some families need more complex planning. Basic estate documents include:

  • Last will and testament to spell out what property goes where.
    • If you have enough property, more than $75,000 in Minnesota, you will need to go to probate court, which can cost as much as 6% of the estate value, depending on the situation.
    • This can include identifying the person you want to care for your pets. The study shows that 83% of millennial pet owners have chosen a guardian for their animals.
    • This can include instructions on who can access your digital information and online accounts. The study shows that 39% of millennials don't want their families to have access to their digital messages after they're gone.
  • Financial power of attorney to identify the person you trust to make financial decisions on your behalf in the event you can’t do it.
  • Living will and healthcare directive to spell out your wishes around medical treatment in the event you can’t speak for yourself.
  • Healthcare power of attorney to identify the person you trust to make healthcare decisions on your behalf in the event you can’t do it.

In some cases, families need more complex planning like:

  • Planning for minor children
    • to identify who would care for the children if Mom and Dad are gone.
    • to identify who would be responsible for the children’s money if Mom and Dad are gone.
  • Planning for heirs with special needs to protect money for the heir and to identify the responsible person to advocate for the heir’s needs.
  • Planning to eliminate estate tax liability to structure your assets to minimize tax exposure.
  • Planning to support valued charities.

For folks under 40, it’s easy to think that the need for estate planning is a long way off. It might be a subject with which they are not familiar. The study showed that only 58% had ever discussed estate planning with an older family member, and 34% had no idea whether their parents have an estate plan.

If you think you should consider estate planning, it might make sense to visit with an experienced, highly-trained, CERTIFIED FINANCIAL PLANNER™ professional and Behavioral Financial Advisor in West Saint Paul, Minnesota. I love to meet new people. So, follow this LINK to find a time for us to have a get-acquainted visit.

I am a financial planner who is an advocate for my clients ALL THE TIME – a fiduciary financial planner. I provide guidance based on clients’ best interests, not commissions or sales quotas. I think it’s the best way to serve clients, and I am thrilled to work this way all the time.

And yes, I’m still taking on a few great families to be part of my financial planning practice in West Saint Paul, Minnesota, and thanks to Zoom, across the country.

Dunncreek Advisors does not provide legal or tax advice, nor is this article intended to do so.