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Charleston Estate Planning & Asset Protection Blog

Monday, May 6, 2019

Estate Planning for the Millennial Generation

Why is it important for younger Americans to have an estate plan?

Americans born between the years 1981 and 1996 comprise what is known as the Millennial generation.  Today’s Millennials are starting their own families and building careers across all job sectors. The Millennial generation is said to be a financially conservative one, likely the result of watching the economy collapse during the 2007 recession.  It is critical that Millennials take the steps now to create an estate plan so that their finances and families are protected no matter what the future may hold. 

The Importance of an Estate Plan for Younger People 

The latest Gallup polls reveal that less than half of all Americans have an estate plan in place, and this figure is even lower among younger adults. Younger adults may be tempted to put off estate planning, believing they will have plenty of time in their later years to create an estate plan.  However, accidents and illnesses can happen to those of any age. Delaying making an estate plan could end up costing your family greatly if you pass away unexpectedly. 

If you die without an estate plan in South Carolina, your assets will be distributed according to state law. You will have no input into who receives what from your estate, and some loved ones could be left out. Even further, dying without a will leaves the court to decide the critical issue of who should become a guardian for your minor child, should your spouse also pass away.  Additionally, the lack of an estate plan leaves you vulnerable should you become incapacitated.

Estate Planning Essentials for Millennials 

Millennials, regardless of their wealth or marital status, should at the very least have a will and basic power of attorney in place.  All Americans need these documents to give themselves control over who receives their hard-earned assets and protection in the event of incapacity.  Millennials may have more digital assets than their parent’s generation, which could include domain names, blogs, social media accounts, or even cryptocurrencies. An estate planning lawyer well versed in the needs of Millennials will assist you in protecting all of your assets and your loved ones. 

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Wiles Law Firm, LLC helps clients with their estate planning needs in Charleston, South Carolina and the surrounding areas such as West Ashley, Summerville, North Charleston, Mount Pleasant, and John's Island.

Information on this website is not legal advice. Further, viewing of the enclosed information does not create an attorney-client relationship with Wiles Law Firm, LLC. Matters will be handled by attorneys who primarily practice out of our office in Charleston County located at 852 Lowcountry Blvd., Ste. 101, Mt. Pleasant, SC 29464. M. Emerson Wiles, III is the attorney responsible for this advertisement.

Any result Wiles Law Firm, LLC may achieve on behalf of one client in one particular matter does not necessarily indicate similar results can be obtained for other clients. Please contact a South Carolina estate planning attorney or one of our attorneys with Wiles Law Firm, LLC for a consultation regarding your unique estate plan.

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