The common view of estate planning is that one needs to have substantial assets or must be in their golden years before thinking about creating an estate plan. But as times change and cultures change, the traditional customs surrounding estate planning also change.

Estate planning is not limited to the wealthy or to the elderly.

Yes, we are talking to millennials; especially those who are in their thirties.

Millennials must understand that life-changing events can happen to them at any time and that these events may stir questions about their estate just like baby-boomers who are newly retired.  So, millennials should think about what they need in order to protect their families as well as newly acquired assets. More millennials are getting married at this age, some may already have children, and others stand to inherit money from their parents and grandparents. All of these events establish the need for an estate plan that fits ones lifestyle and goals.

Truly, it is understandable that you may not have a large estate worth millions, but as we mentioned earlier, being a millionaire is not required to have a customized estate plan.  You could simply begin with a Will that details how your most important possessions should be distributed. If you have children, a Declaration of Guardianship will establish who should care for your minor children if something were to happen to you.

For many, simplicity begins with a durable power of attorney.  This document gives someone you select and trust the authority to make financial decisions in the event you are incapacitated.

Millennials have a number of options available to protect the people they love and pass on a legacy, even if they don’t have the type of estate they dream of having just yet. A customized estate plan can be both affordable and a way to establish confidence about your future.

Want to get started on a customized estate plan to fit your lifestyle? Call Us today 806-928-2087!

The above information is not legal advice.