Estate planning is changing, and millennials are leading the way. Unlike previous generations, millennials are taking unique approaches to their financial future, influenced by their values and the digital age. Understanding these differences helps reveal how estate planning has evolved.
Digital estate planning tools
Millennials often prefer online estate planning tools over traditional methods. Instead of meeting with an attorney in person, many millennials are using apps and websites to create wills and trusts. These digital solutions offer affordability, convenience, and the ability to update documents anytime. Millennials appreciate the user-friendly nature of these tools, making estate planning more accessible than ever.
Focus on digital assets
Another key difference is the inclusion of digital assets. Millennials tend to own various online accounts, including social media profiles, and cloud storage. Estate planning for this generation means ensuring digital assets are accounted for and managed appropriately. This involves creating a digital will, assigning guardianship for online accounts, and making sure passwords are accessible to trusted individuals.
Prioritizing flexibility
Millennials value flexibility in their estate planning. Instead of locking assets into rigid plans, millennials favor revocable trusts and strategies that allow for change. They understand that life circumstances, like career shifts or economic challenges, can impact their financial priorities. Estate plans that adapt to these changes provide millennials with peace of mind.
Emphasis on values and charitable giving
Millennials also focus on incorporating their values into estate plans. Many millennials choose to leave behind not just wealth but also a legacy that reflects their passions. This often means including charitable giving or setting up trusts that support social causes. Estate planning has become a way for millennials to make a meaningful impact beyond their lifetime.
Millennials are redefining estate planning through technology, flexibility, and an emphasis on digital and social assets. These new approaches are changing the way younger generations think about their financial legacy.