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Millennials and estate planning

by | Mar 2, 2019 | Estate Planning

For many young people in Missouri, the thought of creating an estate plan may be far off in the future. In fact, they may think it is only something their parents or grandparents need to be concerned about. This, however, is quite incorrect. An estate plan can be of great use even to a young, single millennial.

As pointed out by Think Advisor, events like mass shootings at concern venues are just some things that highlight the reality that a person need not be deemed “old” in order to die. A young person may even develop an unexpected medical condition or be involved in a car or other type of accident that claims their life or leaves them incapacitated. These tragedies are certainly hard on families but one thing millennials can do to help their families if such a situation should arise is to do some planning now.

According to the Society of Grownups, managing a person’s digital identity and accounts can be a challenge today. Given that most millennials have numerous online logins, taking an inventory of these accounts and documenting them may be an important step in modern estate planning. Thought should also be given to providing access to these accounts in the event that a person is not able to do so for themselves.

Millennials engaging in estate planning should take care to include all of their digital assets in a comprehensive inventory to be saved in a secure vault. These include social media accounts, banking and other financial accounts, online shopping accounts and more.