• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Wilcox Attorneys, PA

Wilcox Attorneys, PA an Arkansas Estate Planning & Trust Information Center

Northwest Arkansas Estate Planning Attorneys (479) 443-0062

Client Vault
  • Home
  • Our Firm
    • Our Firm
    • About the American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • News & Events
    • Speaker Connection
  • services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • Legacy Planning
    • Pet Planning
    • Secure Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Webinars
  • Practice Areas
  • Resources
    • DocuBank
    • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Articles
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • Incapacity Planning
      • Legacy Wealth Planning
      • Medicaid Planning
      • Pet Planning
      • Probate
      • Trust Administration & Probate
    • Newsletters
    • Pre Consultation Form
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Contact Us
  • Blog

Millennials, Don’t Forget Estate Planning

January 16, 2018 by Deb Sexton Leave a Comment

This is an article from the personal finance website, Nerdwallet (https://nerd.me/2mhM0nv) in San Fransisco, California, that we thought others may find helpful.

Ask Millennials to write down a list of their plans and it’s likely to be chock-full of career accomplishments and vacation experiences. Graduating, getting a great job, getting married, starting a family, buying a home and traveling are likely to be high on the list.

Odds are you’ll be on Page 5 or 6 before you get to estate planning.

It’s not a surprise that people in their 20s and 30s wouldn’t have estate planning at the top of their mind. After all, the creation of legal documents such as living wills, last wills and testaments, powers of attorney for medical and financial well-being, and potential trusts is a foreign concept to many people, especially those who aren’t married or don’t have children. Many people assume you don’t need to work on those plans until your 50s or 60s.

That’s a big mistake. The reality is that everyone needs to be thinking about estate planning.

The Millennial view of money

Many Millennials have embarked on parenthood, care giving and other stressful responsibilities. But they tend to view money from an entirely different perspective from preceding generations. Growing up in the shadow of the recession and under the weight of sometimes crippling student loan debt, many Millennials are responsible with their finances, contrary to sky-is-falling reports.

Being good with money, though, isn’t enough. Part of being fiscally responsible is planning for the long term. More than 60% of Americans don’t have a will, according to a 2015 Harris Poll. That needs to change.

The benefits of estate planning

No matter where you are in your financial life, it pays to think about estate planning. A full estate plan can include health care directives that cover your preferences for how you want doctors to administer your care if you become incapacitated.

Estate plans also include appointing a durable power of attorney to oversee your finances and personal affairs if you’re unable to do so. This is especially important to the many Millennials who are living with a partner, but have decided they don’t want to sign a marriage license. That may be perfectly fine for their relationship, but it can be a problem under the law. Creating estate planning documents can ensure your partner has the legal rights to oversee your care or estate, if that is what you want.

For families with children, estate plans are especially important. A good estate plan lets you appoint a guardian for your children should something ever happen to you and directs how you want your inheritance bequeathed. You get to decide.

Online legal document companies offer legal documents at a great price. You may also want to consult a financial advisor who can help direct you in the best ways to set up your financial plan and assets.

So, come up with an estate plan that suits your needs and go get those documents signed! Don’t wait another week.

Winnie Sun is the founding partner of Sun Group Wealth Partners in Irvine, Calif. Learn more about Winnie at NerdWallet’s Ask an Advisor.

The article Millennials, Don’t Forget Estate Planning originally appeared on NerdWallet.

 

  • Author
  • Recent Posts
Deb Sexton
Latest posts by Deb Sexton (see all)
  • Estate Planning is Essential Whether You Are Married or Not - April 25, 2018
  • Income Tax Basis in Estate Planning – Part 2 - April 23, 2018
  • The Downsizing Generation: How to Handle a Surplus of Stuff When a Loved One Ages - April 18, 2018

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Wilcox Attorneys, PA

DOWNLOAD OUR FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Subscribe to Our Blog

Subscribe to our blog for all the latest estate planning news and updates!

Office Address

Fayetteville
2766 Millennium Drive
Fayetteville, AR 72703
Phone: (479) 443-0062

Office Address

Prairie Grove
1100 Division Street, Suite 4
Prairie Grove, AR 72753
Phone: (479) 846-6026

( By Appointment Only )

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 12:00 PM

Map

map for office
  • Facebook
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

footer-logo

© 2023 American Academy of Estate Planning Attorneys, Inc.