As younger generations transition from their childhood to adulthood, more and more Millennials are beginning to estate plan, and rightly so. Even though it is always recommended that everyone at least has a will, as Millennials pass more and more major life events, the need for a larger estate plan becomes apparent.
First big life event: marriage
Once you become two, an estate doubles, and the wishes of the two partners will often not be identical. This is why estate planning early on in a marriage is so important. This will ensure that an estate plan that honors both party’s wishes can be drafted, including one that cannot be changed by a surviving spouse.
Second big life event: children
One of the most cited reasons why Millennials make a full estate plan because they have had their first child, according to Trust & Will. Of course, children and marriage do not have to occur together, and indeed, many in younger generations are foregoing marriage or children entirely.
Someone will need to care for that child, should both parents pass. And, if that person passes or just decides to back out, a backup guardian will need to be named. In fact, it may be prudent to name several backups.
Then, creating a trust where life insurance policies and other assets can flow can be created to help that guardian pay for the child’s life and help the child transition into adulthood themselves. This can all be facilitated in a properly executed Millville, New Jersey, estate plan.
End-of-life planning
Do not forget that estate planning is not just about the future, it is also about the present. We can plan now for if we become incapacitated in an estate plan. This includes our end-of-life decisions, who should make those decisions and our preferences. It can also include how to pay for those wishes.
Legacy building
Millville, New Jersey, trusts are an estate planning vehicle that can allow us to build a legacy that can live long after we pass. The trust can pay out as we determine whomever we wish to name as a beneficiary and whatever we like. We can create a family trust to help generations ahead. We can create a trust that gives annual contributions to animal charities. Whatever you are passionate about can be helped by you, long after you pass.
