Estate Planning for Elder Millennials and Gen X
Estate planning is a crucial part of life and being an adult. It’s especially important for parents of minors and individuals in committed relationships, but unmarried. But if you don’t fit into either of those categories, it’s still important for you! Because it matters for married couples, those without children, and single people, too.
The younger an individual is it’s likely they have less to worry about when it comes to responsibilities and assets. But often people assume estate planning is only for the sunset years.
You couldn’t be more wrong! Estate planning is for everyone, but those of us in the Gen X or Millennial generation should get our ducks in a row now. It’s our time to make sure our estate plans say what we want them to say!
For fun, let’s take a look at these generations to see who falls into them!
Gen X
Generation X was born in the mid-1960s through the late 1970s. That means that most of this generation is in their 50s and 60s. You’ve likely raised your children and they are fully settled adults now. You’ve worked hard and are either recently retired or reaching retirement age. You have assets like a home and a vacation or rental property. Your portfolio is decent and you’ve worked hard for every penny. We hope you are proud of all your hard work, because you should be! And we are proud of you.
Millennials
Millennials are those born in the early 1980s through the mid-1990s. This generation is now in their 30s and 40s. They are in their parenting years, with some elders of this generation having kids in college. While others have babies in diapers still. It’s the full range of parenting up in the Millennial Generation.
There are also many Millennials who are childless, but have other responsibilities. Pets, committed relationships, businesses, or other big commitments keep them busy.
The elder Millennials are often referred to as the Oregon Trail Generation. The Oregon Trail Generation is what is often referred to as a micro generation. This micro generation covers the late 1970s through 1985. This group of people experienced rapid technological changes in their formative years such as playing the computer game Oregon Trail in elementary and middle school, or not having access to computers at all in these years, but then experiencing the birth of the iPhone in their high school or college years.
Millennial/Oregon Trail Generation individuals have been in the workforce for 30 years, give or take, at this point. They have solid careers and investments. They own assets and may even be close to paying off their mortgage.
A Lot to Protect
The groups of people we discussed above have worked very hard for a long time to secure what they have. If you’re one of them, you know. It’s been a wild ride, and what you have has been hard fought for. This means that you have a lot to protect. This is why estate planning is so crucial.
For Gen X and Millennials with kids out of the home, you likely want to contribute to your children’s lives. Be that with education or opportunities. You are likely doing this already. But what if you pass away? Making a plan that allows you to continue to contribute in these ways— even if after you have passed— can bring great joy and memory making experiences for your kids. And it eases the pain of the idea of dying. Because you’ve made a plan and the plan allows you to continue to love on and contribute to your children’s lives.
Some of you may still have children in the home. Making a plan to care for your minor children after you’ve died ensures the hopes, education, and opportunities you have for your young kids can come to fruition.
But what about the childless adult? Why is it important for you? Just like parents, you’ve worked hard and created a legacy in the spaces you inhabit. Maybe you volunteer every week at the same organization, maybe you have pets who rely on you for care and support, maybe you have a partner and you want them to continue to live in your shared home. Good estate planning ensures that your legacy is left where you intend it— not where the state law says.
Trusts
If you were born in the 1960s through the 1990s, you should consider using a Trust. A Trust can help you make your wishes a legal reality. And it avoids the publicity and hassle of probate.
Creating a Trust as a parent, allows you to specify exact how you want your assets distributed or held for your children. Your child may need money for a vehicle, but if you were there, “No, you may not buy the brand new Charger. Let’s get a used Toyota instead.” Parents so often assume “trust fund babies” just have a license to freely blow money. Your Trust can have very specific rules for how your child’s inheritance is distributed and spent.
Creating a Trust as a childless person allows you to make gifts and distributions much in the same way. You can get as specific as you like to ensure your legacy is left where you want it—rather than where the state law would dictate.
Death is a part of life. Death is painful for our loved ones. Good estate planning takes away an unnecessary burden and makes your wishes clear— whether those wishes be for you, a single and/or childless individual, or you, a married parent! Good estate planning brings you relief and joy because the tough stuff is handled.
Call us at (404) 736-6066 or visit our website to schedule a consultation about how to plan your estate as a Millennial or Gen X-er! We can help alleviate stress from your life now and from your loved ones lives after your death.
