When millennials in the state of New York are asked to list their plans, their lists are often filled with vacation experiences and career achievements. Something that rarely makes the list is estate planning. However, wills are important for people of all ages, including millennials, to create since death can strike at any time.
Many millennials are now parents, which means they have many stressful responsibilities, including caregiving. However, they often look at money from a totally different viewpoint from past generations. Because they grew up during a recession and at a time of high student loan debt, many of these individuals are financially responsible.
However, having good money management skills is not enough. Planning for what may happen long term is part of what it means to be financially responsible. Based on a 2015 poll, over 60 percent of Americans have no wills.
The thought of creating wills is not generally appealing, as estate planning is often considered a morbid topic and activity. However, by creating an estate plan with the help of an attorney, it is possible to control what happens to one’s assets posthumously in the state of New York and essentially direct how an inheritance should be bequeathed. In addition, families with young children can appoint a guardian for their children in the event that something happens to the parents. In the end, the asset owner’s wishes will be upheld long term, and unnecessary inter-family conflict can be avoided during a time of grief for the surviving family members.
Source: csmonitor.com, “Millennials, don’t forget estate planning“, Winnie Sun, March 7, 2017