What Should Millennials Know About Estate Planning

Why Millennials Need an Estate Plan

If you’re in your twenties or thirties, you’ve probably heard about the importance of creating Wills and Trusts… but maybe you think you’re too young for estate planning or that you don’t have enough assets yet to justify putting a plan in place.

It is a huge mistake to think that estate planning is just for old people or those who have amassed large estates already. The reality is that estate planning is for everyone over the age of 18.

While a young person’s plan may not be as complex as someone who is getting ready to retire and has amassed a lot of assets over a long career, it’s never too early to plan for your future because tomorrow is not promised and accidents or unexpected illness can occur at any time. Here are some specific reasons why the millennial generation should think twice about putting off estate planning:

Millennials Are Getting Married Later Than Previous Generations

Unlike older generations, the majority of millennials today are choosing to delay marriage in pursuit of establishing a successful career. As such, many millennials eventually enter marriage with assets they’ve already accumulated from their time working. Millennials may feel clueless when faced with the task of combining “his, hers and ours.” The answer to this question is usually solved with an estate plan that might include a prenuptial agreement or trusts designed to protect pre-marital assets in the event of an annulment.

Millennials are Strongly Inclined to Entrepreneurship

According to a study by QBO Innovation Hub and PwC Philippines, there are now more than 300 startups in the country, most of which were founded between 2012 and 2017. In addition, a new generation of young, tech-savvy digital makers is rising. This group of locals is under the age of 35.

As entrepreneurs, it is essential for millennials to protect their business interests through properly drafted operating agreements, articles of incorporation and bylaws, assignments of shares, and trusts. And, with a carefully thought-out estate plan, millennials can have the peace of mind knowing that his or her entrepreneurial venture will stay safe and in good hands if something unexpected happens.

Millennials Want to Leave a Legacy

Nowadays, Millennials are legacy-conscious and stay plugged into social causes that impact society and future generations The desire to make a difference can be carried into estate planning, where millennials can utilize estate planning tools like wills and trusts to direct specific gifts or a portion of their estate to any organization, foundation or charity that is close to their hearts when they are gone someday.

Again, it’s never too early to create an estate plan. No matter what your needs or goals are. Our estate planning attorneys are here to help. If you’d like assistance getting started, please contact our law firm Mendoza Navarro-Mendoza & Partners Law Offices at 8635-5559 to set up a consultation.