The vast majority of adults in the United States do not have estate plans in place. As you would expect, estate planning for the millennial generation is not widely embraced, but it doesn’t stop there.
Caring.com has been conducting surveys on an annual basis to measure the estate planning preparedness of Americans. According to the 2024 version, 24 percent of people between 18 and 34 have estate plans in place.
Individuals that are between 35 and 54 aren’t doing much better at just 25 percent. This is understandable, but surely a majority of older people have plans, right? In actuality, just 43 percent of people who are 55 and older have wills or trusts.
Parental Responsibilities
The disturbing thing about the lack of preparedness among millennials is the shirking of parental responsibilities. Many members of this generation are the parents of dependent children, and most of these people have partners.
Estate planning is important for all responsible adults, but when you have a family that is relying on you, it becomes absolutely essential. We all know that most people do not pass away when they are in their 20s, 30s, or 40s, but it does happen every day, and no one is immune.
Monetary Considerations
An estate plan is going to start with an asset transfer device, and a will is a possibility, but a living trust can be a better choice for a young family. If you have a living trust, you would act as the trustee while you are alive, so you would have unfettered access to the assets.
You would name a trustee to act as the administrator after you pass away, and you would presumably make your children the beneficiaries. If the unthinkable takes place while the children are still minors, there would be someone there to manage their inheritances until they are adults.
A married couple could choose to use a joint living trust, and they would be co-trustees. If one spouse passes away, the other spouse will become the sole trustee of the trust.
There is a way to account for the management of assets on behalf of a child if you have a simple will. You can include a testamentary trust, which would be created by the executor after your passing. The trustee would manage the resources for the benefit of the child if it becomes necessary.
Income Replacement
Most younger people have not had enough time to accumulate significant monetary resources. This is understandable, but there is an income replacement solution in the form of life insurance. Term life insurance is affordable for millennials, and a trust can be the beneficiary of the insurance policy.
Incapacity Planning
An estate plan for a millennial should include an incapacity planning component. A durable power of attorney for health care is a document you can use to name someone to make medical decisions on your behalf if you become unable to communicate.
The “durable” designation is operative because a durable power of attorney will remain in effect upon the incapacitation of the grantor. There is also a springing durable power of attorney, which is a device that would only go into effect if the grantor becomes incapacitated.
A living will is another advance directive for health care that should be added to state your life support preferences. The health care agent that you designate in the durable power of attorney would not have the power to override these choices.
For financial decision-making, you can include a durable power of attorney for property. If you have a living trust, you would name a disability trustee to administer the trust if you become incapable of handling your affairs.
Schedule a Consultation Today!
Today is the day for action if you are going through life without an estate plan, regardless of your age. We can gain an understanding of your situation, answer your questions, and help you create a plan that is ideal for you and your family.
You can schedule a consultation at our Glastonbury or Westport, CT estate planning offices if you call us at 860-548-1000, and you can use our contact form if you would rather send us a message.
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