I read an interesting article about the challenges that Millennials face managing their estate planning needs.
In the United States the parents of Millennials will transfer approximately $30 trillion dollars in the next 30 years. Which should spark discussions amongst families about business succession and estate planning.
Estate and Succession planning with parents & grand parents could be difficult. However it is important for Millennials to have a discussion about whether their parents have a Will and who has been named as executor. It is much easier to have discussion about such matters when people are alive than in the alternative.
As far as Millennials are concerned when thinking about their Will they need to honestly ask, “What happens if…”? “Who should receive my assets? Spouse? Siblings? Friend? Charity?” “Who should be the executor of my estate?” Again the answers to these questions are personal and cannot be answered definitively as right or wrong.
In the article there is a discussion as to when these questions should be asked. Most people believe that many of life’s milestones, such as a marriage, home purchase, or birth of a child, the death of a family member or divorce should be triggers for these discussions. However we have discussed that a Will is a living document that should be created early in a persons life and be updated fairly regularly to reflect your life changes Advisors can help millennials plan for and respond to these life events.