The Rise of Estate Planning Among Millennials: Why It Matters More Than Ever
Recent trends show that younger adults, born between 1981 and 1996, are taking proactive steps to create wills, establish trusts, and prepare for the unexpected.
So, why the shift?
Let’s break it down and explore how planning ahead can offer peace of mind and protect what matters most.
Why Millennials Are Now Taking Estate Planning Seriously
After the COVID-19 pandemic, the way young adults think about their future changed. Here are some key reasons why millennials are embracing estate planning:
1. Major Life Events:
- Buying a first home, getting married, or having children pushes young adults to think about the future.
- Many realize that without a plan, their assets and loved ones could face unnecessary legal complications.
2. Digital Assets Matter:
- Millennials have digital footprints—like social media accounts, cryptocurrency, and online businesses—that need managing. A will can outline who will control these digital assets if something unexpected happens.
3. Financial Literacy Is on the Rise:
- Apps and financial planning tools have made millennials more aware of the importance of protecting wealth and planning for the long term.
4. Affordable and Accessible Legal Services:
- Many law firms, including mine here in Columbus, Ohio, offer virtual consultations and affordable packages that make estate planning easier than ever.
What Happens Without an Estate Plan?
It’s easy to think, “I don’t have much—do I really need a will?” But even if you’re just starting out, failing to plan can have serious consequences:
- Your state decides who inherits your belongings. If you pass away without a will, the government will distribute your assets according to Ohio’s probate laws—possibly in ways you wouldn’t want.
- Increased burden on loved ones. Without clear instructions, family members must make difficult decisions during an already emotional time.
- Guardianship issues. If you have children, a will allows you to designate guardians—otherwise, the court makes that decision for you.
Read our article “How assets are distributed without a will.”
How Millennials Benefit from Early Estate Planning
1. Protect Loved Ones
- Whether you’re single or starting a family, a basic will can ensure that the right people receive your property.
2. Avoid Probate Hassles
- Setting up a living trust can help your loved ones avoid probate—a time-consuming and costly legal process to validate wills.
3. Control Over Medical Decisions
- A healthcare power of attorney lets you choose who will make medical decisions on your behalf if you become incapacitated.
4. Peace of Mind
- Once you have a plan in place, you can live your life knowing your future is secure, freeing you from unnecessary worry.
It’s Never Too Early to Start
I meet with clients of all ages—from new parents to young professionals—who want to get ahead of life’s uncertainties. Estate planning is not just for those with vast wealth; it’s for anyone who wants control over their future.
By creating a simple plan now, you’re ensuring that your wishes are honored, and you’re saving your loved ones from unnecessary stress later.
Take the First Step with a Free Consultation
If you’re ready to get started or have questions, I’m here to help. Contact my office today to schedule a consultation. We’ll discuss your unique situation and create a plan that fits your needs—whether it’s a simple will, setting up a trust, or planning for your digital assets.