Young adults that are part of the Millennial generation have very distinctive estate planning needs. Discussions between Millennials and their parents about estate planning will be very important over the next 30 years as over $30 trillion in wealth is transferred from one generation to the next. Millennials need to carefully think about their own situation and what their goals are and then develop the right estate plan that suits their individual needs. Communication with family members and loved ones is also essential. It is a good idea for people to think about what sort of inheritance they might be expecting to receive and then plan accordingly.
See Ashley Thompson, Estate Planning Considerations for Millennials, Wealth Director, November 17, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
