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Do Millennials Need an Estate Plan?

Do Millennials Need an Estate Plan?

One of the last things on the mind of most millennials is death. Typically their thoughts and plans center on other things. Most of them probably feel that estate planning is to be done when they are in middle age at the earliest. But that is a huge mistake. Many millennials have just as much, if not more, to lose than everyone else. This is especially true if they pass away leaving children, spouses, partners, or other loved ones behind. In fact, I believe millennials need an estate plan if they have assets of any value they would leave behind in death. Why Millennials Don’t Estate Plan Although many people feel that millennials are not good money managers the opposite is often true. They are forced to be good with money when they struggle with huge amounts of student loan debt the moment they graduate from college. But it seems that millennials then turn their thoughts and attention toward building their careers and paying off debt. Their remaining time is often consumed with marriage, kids, travel, and purchasing their first home. Therefore, it’s no surprise that departing from this earth is one of the last things on their minds. This ...

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Should You Have a Will, A Trust, Or Both?

While you’re trying to earn wealth, it’s not easy to talk about what happens to those assets after you’re gone. Before we had a child, we didn’t see the need for any sort of estate planning. When our net worth was negative, there wasn’t much to get excited about. However, now that we are on track financially and have a child to consider, making plans for the future is very important. A big question I’ve researched at length is whether we should have a will, a trust, or both. Why You Need a Will You need a will if you have minor children. If something happens to you and your spouse or significant other, decisions about who is going to raise your children need to be very clear. I don’t think our family would fight over our daughter, but each set of grandparents, aunts, and uncles are in different areas of the country. What if both sides decided she needed to be with them? Having a clear guardian, with a backup, is the most responsible thing you can do to protect your children. If you don’t have children, aren’t married, or are married and leaving everything to your spouse, you ...

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