While many people in California understand that estate planning is essential for their lives, many millennials overlook it. Some studies have shown that a surprising number of millennials have failed to take steps to ensure that after they pass, their final wishes get carried out and their assets are protected. This piece will explore the reasons millennials ignore crucial estate planning.
Lack of awareness
One unfortunate reason millennials aren’t participating in estate planning is they lack awareness of its importance. They believe estate planning is solely for individuals with considerable assets that require distribution. However, estate planning also involves decisions about:
- Dependent care
- Healthcare when incapacitated
- Other final wishes to be carried out
Without proper estate planning, these decisions get left to the courts.
Process complexity
Sometimes, millennials understand the importance of estate planning but see the task as too complex or daunting. They can be overwhelmed by the process. However, millennials must recognize that help from an estate planning attorney drastically simplifies the legal documentation of their wishes.
Perceived lack of urgency
Many millennials may not see estate planning as an immediate need. They are under the impression that estate planning is only required when you are much older. However, events can happen at any time in life, so it’s vital to have a plan to ensure your loved ones get taken care of and your wishes get carried out.
Worry about cost
Cost is also a primary concern for millennials, making them hesitant to start the estate planning process. Unfortunately, the cost of avoiding estate planning can be even higher. Proper estate planning can save their loved ones money, time and additional emotional stress.
Estate planning is a critical step in life that millennials shouldn’t avoid. With proper guidance, millennials can gain peace of mind by ensuring their final wishes are carried out and loved ones are protected.