According to Trust & Will, 62% of millennials don’t have a will or trust. Are you a part of that group? If so, here is why it is important to be prepared and how Greenspring can help.
If you answered yes, there is likely a plethora of reasons why you have not begun the process. A key reason many do not start is because of a knowledge gap — simply not knowing how or where to start. A financial advisor can be an excellent point of contact to get you started and help you understand the basics of what estate planning entails. Additionally, many advisors can refer you to estate planners (shorthand for estate planning attorneys), aiding in the estate planner search for you.
What is Estate Planning?
Estate planning, put simply, is the process of delegating (giving control) how assets will be distributed after death and providing end-of-life directives. Common documents include:
- A Will
- An advanced directive
- A medical power of attorney
- A durable financial power of attorney
Estate planning can preserve wealth, reduce taxes, avoid family conflicts, and, perhaps most importantly, detail how you want decisions made on your behalf.
Similar to the role of a fiduciary financial planner like Greenspring, estate planning is not just about money or who gets what (which, of course, is important). Estate planning involves determining who will care for your children (or your pets, as 83% of millennial pet owners with a will appointed guardians for their pets), what your preferences are regarding life support, who can manage your finances and health care decisions if you are incapacitated, and more. It is about your goals, family dynamics, health, and who/what matters most to you.
Finding an advisor and estate planner can help you formulate a more comprehensive financial plan. These two professionals who understand your situation and are acting solely in your best interest can bridge the gap between now and later, as Trust & Will states in their study from 2024:
As Millennials and their younger counterparts navigate the intricacies of estate planning amid a landscape marked by financial pressures, the advisor’s role evolves from a mere consultant to a trusted guide through life’s unpredictable journeys.
Estate planning continues to evolve, and one new development is the emergence of digital legacy. Digital legacy in estate planning revolves around what happens to your social media, emails, text messages, and more after death. Do you want to leave it all in place, preserve some for the sake of your family, or delete it all? Who would you like to make such decisions? Do you want all your Facebook likes, posts, and comments to stay up indefinitely as a sort of memorial? Would that decision differ from your Instagram, LinkedIn, or X (formerly Twitter)? Additionally, what about communications such as emails and direct messages? Would you want your family to sort through those after death? According to the survey, 1 in 3 Millennials would want their profiles memorialized.
Estate planning is a key topic for all generations, especially for younger generations. What this study made abundantly clear is that Millennials (and the generations following) are much more money-savvy than the generations that came before them.
57% of Millennials in the study expressed interest in working with a financial advisor. Additionally, 48% of all respondents were interested in having a financial advisor help with estate planning. If you are one of these individuals — whether you are a Millennial or otherwise — Greenspring would love to help by acting as your fiduciary, who, by taking a holistic look at your financial picture and knowing you and your family, can help you figure out your wishes and help you coordinate with the professionals who can put this in place.
You can read the whole study here:
