The Estate Planning Guide For Millennials In Massachusetts
Millennials are currently the largest generation in the United States. The Pew Research Center estimates that there are 75 million Americans who were born between the years 1981 and 1996. Notably, an alarming number of millennials lack a comprehensive estate plan. Some surveys show that significantly fewer than half of millennials have estate planning documents in place. Here, our Boston estate planning attorneys provide an estate planning guide for millennials in Massachusetts.
You are Never Too Young to Create an Estate Plan (The Right Time is Now)
Some millennials are already entering their 40’s, whereas other millennials are still in their mid-20’s. Regardless, too many millennials have a common misconception that estate planning is only reserved for older adults. However, the reality is that an adult is never too young to start estate planning. When it comes to estate planning, the right time is now.
The Core Elements of an Estate Plan for Millennials
What should be included as part of a well-structured estate plan for a millennial? The answer depends on a number of different factors. An estate plan should always be customized to meet an individual person’s unique needs. Here are some core elements of an estate plan:
- Will;
- Durable Power of Attorney;
- Health Care Proxy;
- Living Will or Advanced Healthcare Directive;
- Beneficiary Designations;
- Trusts (if applicable); and
- Guardianship (if applicable).
A Comprehensive Estate Plan is About More than Just Asset Distribution
An estate plan encompasses a lot more than merely dictating the distribution of your assets. Of course, asset distribution matters. A will is important—and there are many millennials in Massachusetts that can also benefit from setting up a trust. It is a profound tool enabling you to make essential life and death decisions. Your estate plan should be —from setting up a power of attorney to choosing healthcare proxies to naming guardians for minor children. At its best, an estate plan should help to ensure you are prepared for the future.
An Estate Plan Can Be Easily Revised for Many Life Changes
A key thing that millennials need to remember is that estate planning is an ongoing process. Your estate plan should always be reviewed—and, when needed, revised—on a regular basis. Most millennials in Massachusetts still have a lot of major life changes coming in the near-term or intermediate-term future. Some notable examples include a marriage, a divorce, the birth of a child, and the purchase of a home. When a big change happens, it is a best practice to take a look at your estate plan and ensure that it is still the best approach for your specific needs and goals.
Contact Our Boston Estate Planning Lawyers Today
At Fisher Law LLC, our Boston estate planning attorneys have the professional experience and proven legal expertise that you can trust. If you are a millennial with any questions about estate planning, please do not hesitate to contact us today for your strictly confidential initial consultation. Our firm is well-positioned to provide estate planning representation in the Greater Boston area and throughout the region.
Source:
pewresearch.org/short-reads/2020/04/28/millennials-overtake-baby-boomers-as-americas-largest-generation/
