As their parents get older, many millennials are having to step in and become caregivers. Because of this, many millennials are becoming interested in estate planning themselves—seeing its benefits and their need for the future. For many of them, they are not only taking care of their parents but also their children. This has put them in a unique situation that heightens the need for estate planning even more. Studies have shown millennials’ reasoning for estate planning, their unique “Sandwich generation” requirements, and other factors to take into consideration during this process. Below are a few of these findings and how young adults can incorporate them into their estate plan.
What Prompts Millennials to Create Estate Plans?
Children, Loved Ones, and Death
In a recent trust & will survey, 34% of respondents indicated that having a child prompted them to create an estate plan. “Millennials are now the largest living generation in the US, making up 22% of the population, according to an analysis of Census Bureau data by the Brookings Institution. They’ve lived through several world-altering events that have shaped their shared generational experience… But despite all of this instability — or perhaps because of it — millennials have also become planners.” says the article.
While caring for their children, their parents, and themselves, these individuals have seen the importance of setting up a structure that will protect them in the future. In most cases, this includes creating a will, designating guardians for their minor children, and placing funds in a trust.
These processes may seem complicated and drawn out—especially because of their importance—but estate planning attorneys can assist with this process and answer any potential questions that may arise. While each estate plan is highly varied depending on the person, having children should impress upon individuals the uncertainty of the future—but having an estate plan in place can help to ease future stress that may come with this uncertainty.
Another reason that millennials create estate plans is recently witnessing the death of a family member. In many cases, seeing a loved one receive end-of-life care causes them to think about their own end-of-life preferences. This includes both the type of burial arrangements they would like, along with how much care they want in their final days. In estate planning, end-of-life planning can be included in advanced healthcare directives—indicating what care should be given if the individual is no longer able to make these decisions for themselves. When millennials create this legal document, they also have to designate someone to be their healthcare proxy and make these choices for them. But having detailed wishes written down can help this proxy to make decisions and know it is what the person would want.
Estate planning should not be complicated and overwhelming—especially when individuals are taking care of their parents, their children, or both. For people in this situation who would like to draft an estate plan, reach out to an experienced estate planning attorney.
Contact a Houston Estate Planning Attorney
If you or a loved one needs assistance crafting an estate plan, contact the Houston trust and estate attorneys at McCulloch & Miller, PLLC. With decades of experience drafting estate plans and advising clients on their needs, our attorneys are here to help with any issue you may have. This includes creating wills, retirement planning, tax planning, and trust creation. To schedule a free, initial consultation and to speak with one of our attorneys, give us a call today at 713-333-8900.