Houston Estate Planning and Elder Law Attorney Blog
At McCulloch & Miller, we specialize in estate planning for clients of all walks of life – those with families, those without; those with complicated assets, those without; those who are older and approaching the end of their lives, those who are not. More commonly, we are meeting with millennials that are looking to start their end-of-life planning and who want to make sure their loved ones would be protected if anything were to happen to them.
The Ins and Outs of Estate Planning for Millennials
Millennials are in an important position, as many have both young children and aging parents. Thus, they often identify as caretakers in multiple senses, and they might have more individuals to think about in developing their estate plans. Recently, a report published by Trust & Will reveals that more and more millennials are looking for ways to protect their assets in the long term. The report indicates that of the millennials surveyed, 34% were initially motivated to plan their estates because of young children and 11% were motivated because of a recent death in the family. Others cited recent increases in net worth, large purchases, or growing life responsibilities as reasons to get their affairs in order.
Most millennials surveyed opted for a will-based, instead of a trust-based, estate plan. Those with more in assets typically chose trusts over wills, but it’s not just the wealthiest individuals that are making estate plans in general. The report notes that individuals with all ranges of net worth are looking for ways to start their estate planning journey.
Millennials also make up a generation that is known for caring about the impact it is leaving on the earth. As part of their estate plan, many millennials are designating charities that they want to inherit portions of what they leave behind. It is common to include charitable donations, funeral plans, caveats about organ donation, and pet plans in an estate planning document.
At the end of the day, it is important to know that estate plans come in many different forms, and they are always tailored to fit the needs of those developing them. Each person is different, and thus each estate plan should be different. If you are a millennial thinking about whether or not it is the right time to start your estate planning, you are already on the right track. To protect your kids, your parents, and the important people in your life, go ahead and start thinking about what you might want to do with your assets when you are gone. It’s never too early to start thinking ahead.
Call McCulloch & Miller for Your Estate Planning Needs
Are You Looking for an Estate Planning Attorney in Houston, give us a call at McCulloch & Miller, PLLC. We understand that making long-term plans can feel daunting, overwhelming, and anxiety-producing, but was also know that many of our clients report feeling relieved and accomplished after finishing their estate plans. If you are interested in taking the first step, call us today at 713-955-7281.