As a millennial, you’re making a real impact—in your career, your community, and the lives of those around you. Your values may differ from those of previous generations, and so should your estate plan. Whether you’re married or not, have kids or pets, or are just starting to build wealth, now is the time to ensure your future is protected and your wishes are honored.

Let’s walk through some key steps to building a smart and comprehensive estate plan.

1. Choose Your Key Decision-Makers

If you were to become incapacitated—due to an injury, illness, or medical emergency—no one can legally manage your health or financial decisions unless you’ve named them in the right legal documents. That includes your parents, partner, or even your spouse.

To make sure the right people can step in:

• Name a financial power of attorney to handle money matters if you’re unable to.
• Name a medical power of attorney to make healthcare decisions on your behalf.
• You can choose the same person for both roles or different people based on their strengths.

Without these documents, a court will appoint someone—and it might not be the person you’d want.

2. Review Your Employer Forms and Beneficiaries

Many millennials have life insurance or retirement accounts through work. These benefits can be incredibly valuable—but only if the right people are listed as beneficiaries.

If your forms are blank or incorrect:

• The money might go through probate (a public, time-consuming process).
• Your loved ones might not receive what you intended.

We can help you choose the right beneficiaries and avoid common mistakes—like naming minor children directly or overlooking a significant other.

3. Rethink How You Leave Life Insurance Benefits

Life insurance is often paid out in one lump sum—but that can pose risks.

Options for naming a beneficiary:

• An individual: Simple, but may expose the funds to creditors, divorces, or poor decisions.
• A trust: Adds control and protection. You decide how and when the money is used.
• A charity: Leave a legacy by naming a cause you care about as the beneficiary.

We’ll help you explore which option aligns with your values and goals.

4. Understand Retirement Account Rules

Who you name as a beneficiary for retirement accounts matters—especially under current tax laws.

Here’s a breakdown of some common scenarios:

• Spouse: Can roll the account into their own and benefit from asset protection.
• Minor children: Can take small annual withdrawals until age 21, then must deplete the account within 10 years.
• Adult loved ones: Usually must empty the account within 10 years, possibly incurring taxes quickly.
• Trust: Offers protection and control but must be carefully drafted to comply with IRS rules.
• Charity: Great tax benefits—charities pay no income tax on distributions.

Not sure which is best? We’ll walk you through it.

5. If You’re Not Married, Planning Is Even More Important

Did you know only 44% of millennials between ages 23–38 were married in 2020? That means many important relationships—like with long-term partners or close friends—aren’t automatically recognized by the legal system.

Without an estate plan, your assets will go to family by default. If you want to leave something to a significant other or a friend, you must make a plan. Otherwise, they could be completely left out.

6. Don’t Forget About Your Pet

Millennials are the largest group of pet owners—and pets need estate planning, too.

To ensure your pet is cared for:

• Name a caregiver (and backups).
• Leave instructions for care and feeding.
• Set aside funds for expenses, either through a gift or a formal pet trust.
• Consider leaving a thank-you gift or compensation for your chosen caretaker.

Whether you have a dog, cat, parrot, or rabbit, we can help make sure they’re protected.

Plan Now—For Peace of Mind Later

It’s not easy to think about the “what-ifs” in life. But creating an estate plan gives you control, clarity, and peace of mind—knowing that your future, your loved ones, and even your pets are protected.

We’re here to help you take the next step with confidence. Call our office to schedule your appointment and get started.