Despite what many people might believe, millennials as a whole are typically fairly responsible with finances. Many of them grew up in years of recession and came of age as their parents struggled with student loan debt related to schooling that occurred years -- if not decades -- before. Seeing such impact first hand during formative years, millennials often think of money and success in very different ways than the generations before them.
While not all of a generation acts the same way, many millennials are careful with debt or carefully manage their finances. They also see success differently and don't tend to need some of the things that other generations did to feel successful. While these traits are great, millennials can fall into the trap of believing that being good with money now is enough to secure the future.
Being good with money doesn't just mean wise spending today. It also means saving for retirement and other future expenses and planning ahead for your wealth and assets. One way to do that is via estate planning, which is important for younger generations too.
Many millennials are entering family years; they might be buying homes, getting married or having children. Even if they don't see money as a success measure, they still need stable finances to support all these things. Estate planning helps you ensure your finances are stable and that they are passed on to your heirs as you see fit.
For younger generations, estate planning tools that might be of most interest include items such as wills, health care directives, guardianship arrangements and power of attorney. You might also consider how trusts can help you manage and protect your assets in the future.
Source: USA Today, "Millennials, don’t forget estate planning," Winnie Sun, March 10, 2017