My Fellow Millennials: The Time to Plan is Now

So, you’re a millennial. You’re out there crushing it in the workforce, making waves, and shaping the world. But let’s talk about something that might not be on your radar yet: estate planning. Yep, it’s not just for boomers! Whether you’re stacking your first 401(k) or spoiling your young babies (or fur babies), having a solid plan in place is key. Here’s the lowdown on how to protect your future (and everything that matters to you).

choose your squad

Picture this: something unexpected happens, and suddenly, you can’t make decisions for yourself. Yikes, right? Who’s stepping in? Spoiler alert: no one, unless you’ve legally named them. Your parents or significant other won’t automatically get the job. The court might swoop in and appoint someone you’d never pick.

Avoid that mess by naming your key decision-makers now. You need two main roles filled: a financial power of attorney (someone to handle your money) and a medical power of attorney (someone to make health decisions). You can choose the same person or mix it up. Just make sure you trust them with your life—literally.

Get Your Work Perks in Order

Guess what? Millennials are dominating the workforce at 49.5 million strong. That means you probably have some sweet work perks, like life insurance and a retirement plan. But here’s the kicker: if you haven’t filled out your beneficiary forms correctly, that money might not go where you want. It could even get tangled up in probate court, and who wants that? Not you.

Double-check those forms and make sure they’re good to go. And if you’re not sure who to name as your beneficiary, hit us up. We’ll help you figure out the best move.

Life Insurance: Let’s Get Creative

Naming someone as your life insurance beneficiary sounds simple, right? Well, it’s more than just leaving a fat stack of cash to your BFF. If your beneficiary gets a lump sum, it might be at risk from creditors, exes, or lawsuits. Plus, not everyone is great with money (no shade).

Consider naming a trust instead. A trust lets you control how the money is used, keeping it safe from shady situations. You could also make your favorite charity the beneficiary and leave a legacy that makes the world a better place. Just be sure to check in with the charity first to ensure they can handle your generous gift.

What About Your Retirement Accounts?

For married millennials, naming your spouse as the beneficiary might seem like a no-brainer. They can roll your account into theirs and keep things simple. But if you’re single or want to leave your retirement savings to someone else (like a sibling or friend), you’ll need a game plan.

You can also name a trust as your retirement beneficiary. This can help protect the money from being blown all at once and keep things organized if there are minors involved. We’ll help you navigate the options, so your retirement stash ends up exactly where you want it.

Married? Kids?

If you are married, with or without children, then you definitely need a trust and estate plan. At this stage of your life, it’s arguably more important to have something in place than for a boomer or senior citizen who likely has savings and does not have a spouse or children who are financially dependent on them. This is especially true if you own your home. If something happens to you, your assets may have to go through the probate courts. Most people have no idea how expensive or time consuming the probate process can be. The last thing you would want is your widowed spouse or orphaned children to have to wait a year before they or their guardian can access your money or property. To make things worse, the court orders a fee on the gross value of your estate, so you might be paying fees based on the market value of a home that you don’t fully own. Try our probate calculator to see how much your heirs would lose if your estate went through probate.

Unmarried? No Problem!

Let’s face it: not everyone’s walking down the aisle these days. Only 44% of millennials are married, but that doesn’t mean you don’t have someone special in your life. The catch? Without an estate plan, your hard-earned money might go to family members you’re not that close to, leaving your partner in the dust.

To make sure your money goes to the people (or pets) you care about most, you need a solid estate plan. We’ve got your back on this one.

Don’t Forget Your pet

Millennials are the pet-loving generation, so it’s no surprise that you want to make sure your fur babies are taken care of if something happens to you. Who’s going to feed your cat or take your dog for walks? You’ll need to name a pet guardian in your estate plan, and maybe even set aside some funds for their care.

Want to make sure your pet gets the royal treatment? You can create a pet trust, ensuring they get the care they deserve, complete with detailed instructions and a budget for their needs. And don’t forget to thank your chosen caretaker—maybe with a little extra cash as a token of your appreciation.

Let’s Do This!

Thinking about the future can be a little scary, but trust us, it’s worth it. With the right estate plan in place, you’ll have peace of mind knowing that you, your loved ones, and your pets are all taken care of. So, why wait? Give us a call and let’s get started on making a plan that’s as unique as you are!