If you are a millennial, also known as a member of Gen Y, chances are you don’t have a will. However, that is essential for all Texas residents as they age. Yet, responsibilities, including taking care of aging parents, have led some individuals in this age group to forgo this important step in their lives.
Millennials have a unique financial situation
Millennials may have set themselves up for success in their current financial lives. At the same time, many struggle to balance immediate financial needs with estate planning. Almost two-thirds of millennials indicate that they do not have a will or a trust. Furthermore, at least 43% indicate they don’t expect to receive an inheritance from their parents. Of those, only half consider that potential wealth as part of their financial strategies.
A significant issue is the gap in estate planning awareness among millennials: only 34% are informed about their parents’ estate plans, despite over half having initiated conversations on the matter with their elders. This reflects a readiness among the younger generation to engage in discussions about such issues. Challenges arise when balancing the duties of child-rearing with the care of aging parents. Despite these difficulties, the majority express a desire to leave a legacy for their children.
Addressing your estate planning needs
Many millennials believe they have plenty of time to accomplish their estate planning needs. However, the unexpected can happen. So, it is essential to start estate planning. You should remain aware that what you develop today can be changed in the future. Federal law allows you to change your plan as many times as you want.
The best rule of thumb is to start your estate planning as soon as possible. This is especially important if you have children. You should consider essentials like guardianship if the children are still minors. You can change what doesn’t work as the years pass.
