One of the most common misconceptions regarding estate planning is that it is only for those in advanced years or for those with considerable assets and wealth. The truth is that all people at all income levels and ages can benefit from this important process. One such group seems to be realizing this, as demand for estate plans among the millennial generation has increased significantly over the past few years in Georgia and all across the country.
Millennials and estate planning
According to a recent study, around 75% of millennials have already put a solid estate plan in place. Of the respondents to the study, 19% also created trusts. As with all estate plans, millennials plans specify the testator’s wishes with regards to potential health care needs, final arrangements, asset succession, care for minor children and more.
The upswing in millennials seeking estate planning apparently derives from the fact the millennials have taken over baby boomers as the largest generation that is still caring for young children. Millennials are individuals between the ages of 25 and 44, many of them are looking to create or have already established an estate plan. Incidentally, most estate planners have incomes less than $500,000 a year, and only 16% have a net worth exceeding $1 million.
Creating an estate plan
Regardless of one’s age, income or level of assets, anyone can benefit from creating an effective estate plan. Whether part of the millennial generation or some other age group, those with minor children especially should have a plan in place to make their wishes known with regards to childcare, asset succession and more. Any Georgia resident interested in beginning the process should consult with an experienced estate planning attorney in the state for assistance.
