You may not think estate planning matters when you’re in your twenties or early thirties. After all, you might still be paying off student loans, renting your first apartment, or building your side hustle.
But if you have any assets, whether it’s a savings account, a car, or even a growing TikTok following, then it’s time to start thinking about how to protect what you’re building.
Estate planning isn’t just for older adults with houses and retirement accounts. Your digital footprint, creative work, and online businesses have value. And as your generation builds wealth in nontraditional ways, your estate plan needs to reflect those realities.
Estate Planning for Gen Z
One common misconception is that estate planning only applies if you have kids or own a house. But your estate is simply everything you own. That includes money in the bank, investments, digital assets, and even your social media accounts.
Many people under 35 now earn income through content creation, gig platforms, and cryptocurrency. According to a 2023 Pew Research Center report, about 50 percent of Gen Z adults have earned money outside a traditional job.
If you’ve built a monetized YouTube channel or manage affiliate links on social media, you’ve created digital property that needs planning.
You should also think about what happens if you’re ever seriously injured or incapacitated. Who will pay your rent or speak to your doctor? These are decisions that can be handled through simple legal tools, even if you think you’re too young to need them.
Start With the Basics: Will and Power of Attorney
A will is the simplest tool to direct what happens to your property after you die. You use it to name who should receive your belongings, and you can also name a guardian for pets or dependents if needed.
Without a will, state law decides who gets your property, and that may not match your wishes.
You should also consider a financial power of attorney. This document lets you choose someone to manage your financial affairs if you’re unable to do so. That could include paying bills, handling your lease, or managing a small business while you recover from an illness or injury.
A healthcare power of attorney and a living will (also called an advance directive) lets you name someone to make medical decisions and express your wishes about life-sustaining care. These documents become essential if you’re ever in a situation where you can’t speak for yourself.
Addressing Your Digital Assets
Estate planning for Gen Z must include digital assets. These are not just your passwords or cloud storage. They include your email accounts, streaming libraries, online photos, cryptocurrency wallets, gaming profiles, and income-generating platforms.
If you earn money online, your accounts may hold real financial value. That includes TikTok payouts, Etsy stores, sponsored content accounts, and even virtual goods in games or metaverse spaces.
You need to make sure someone you trust knows how to access these assets and understands what you want done with them.
Several platforms now offer tools to manage this. Google has an Inactive Account Manager that lets you decide what happens to your account after a period of inactivity. Apple allows you to name a Legacy Contact to access your data. But these features only go so far. Legal documents are still needed to provide full access and direction.
Consider a Trust if You Have Specific Goals
If you have a business, a valuable collection, or want to support a cause or loved one in a structured way, a trust might make sense. A trust allows you to control how assets are managed and distributed. It can also protect your privacy and help avoid probate.
You can create a revocable trust during your lifetime, which you control while you’re alive. You can update or cancel it at any time. This is especially useful if you plan to grow your estate through creative or entrepreneurial work.
While not everyone in Gen Z needs a trust right away, it can become part of your plan if your assets grow or your goals change.
Keep Your Plan Updated as You Grow
Your first estate plan won’t be your last. Think of it as a foundation you can build on. As you start a business, move in with a partner, or open investment accounts, your needs will evolve.
What matters is starting early and reviewing your documents every few years or after major life events.
Even something as simple as naming the right beneficiary on your life insurance or retirement account can make a big difference. Those designations pass outside your will, so they need to match your overall plan.
Take Action While It’s Easy to Do
The earlier you start planning, the easier it is to stay in control of your choices. Estate planning may not be trending on your social feed, but it gives you real power over your future.
You can protect the work you’ve done, look out for the people you care about, and make sure your voice is heard, even if you’re not able to speak.
We Are Here to Help!
Our firm can help you create the ideal plan to protect your interests, regardless of your stage of life. To schedule a consultation at our Glastonbury or Westport, CT estate planning offices, call us at 860-548-1000 or send us a message through our contact page.
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