Assets Millennials Must Consider When Estate Planning
Millennials are, in part, known for their financial consciousness. The people who make up this generation tend to be more careful with their money and property, likely as a result of coming to age during and immediately following the Great Recession. Plus, being overburdened by student loans has forced many Millennials to be as frugal as possible.
On the other hand, young people as a whole still have not embraced estate planning to the extent they should. In fact, one survey from Caring.com indicates that 78 percent of Americans below the age of 36 have not established a will or trust. This could be in part because they tend to have fewer assets than older adults.
When it comes time to list out their assets, however, Millennials are often surprised at just how much they actually have. Below are just a few of the assets many working Millennials have that they should seriously consider as they put together their estate plans:
- Retirement accounts: If you have participated in retirement accounts with at least one employer and placed assets in them, it is important to identify those accounts and then confirm your beneficiary designations.
- Valuable assets: Anything from vehicles and real estate to jewelry, electronics, furniture or other potentially valuable assets should be factored into your estate plan. Even more frugal young people are likely to have at least a few assets that fall into this category.
- Life insurance policies: Whether your policy was purchased privately or through an employer, life insurance will play a role in your estate planning.
- Digital assets: This area is rapidly growing in importance, especially for young people. You will likely want someone with technological savvy to handle your digital accounts and assets.
- Pets: Leaving instructions regarding pet care is important. You will want to make sure your pet ends up with a person who is both willing and able to take care of it.
- Sentimental items: Any family heirlooms or other items with sentimental value might not have much monetary impact on your estate, but you will still likely care about what happens to them in the event of your passing.
For further guidance on these and other important estate planning issues, consult a skilled Tampa attorney at BaumannKangas Estate Law.