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Many millennials have put off estate planning

On Behalf of | Apr 17, 2024 | estate planning | 0 comments

If you are a millennial living in California, chances are you haven’t given estate planning a thought. A recent survey of 15,000 millennials by Trust & Will indicates that three-fifths of their generation don’t have a will and still need to set up trusts to pass on their assets to the next generation.

Factors behind Gen Y’s reluctance

Many millennials haven’t started estate planning because they are sandwiched between taking care of their own kids along with their aging parents. About three-fifths of those with such responsibilities say it will be difficult for them to leave assets to their children because of current costs. In addition, millennials are concerned with advancing their careers, paying mortgages and other immediate financial pressures. Thus, creating a legacy goes by the wayside.

In addition to not taking steps to preserve their future wealth, one-third of Gen Y has yet to learn what their parents’ estate plans entail. At the same time, more than half have broached the subject with their parents, suggesting a willingness to discuss it. Nevertheless, just under half don’t expect to receive an inheritance from their parents, and only about half of those who do include it in their own estate planning.

Start with a simple plan

Start with the basics of an estate plan. Developing a plan to provide income for your spouse and children, along with guardianship for minors, are crucial elements. Such moves can give you peace of mind should you die unexpectedly.

You should review your estate plan every few years to determine if it still meets your needs. The only elements that cannot change are irrevocable trusts. Also, consider speaking to your parents about their plans, even if you don’t expect an inheritance. Knowing what they have in store for your family can make the future less uncertain.