For older Millennials, they are likely now getting to a point in their life where 60 is closer than 20, so “adulting” has become the norm, rather than something to get noticed. Indeed, more and more Millennials are buying homes, caring for their aging parents (and, sometimes, grandparents) and starting families, and all while facing these turbulent times. This has taught many Millennials that it is time to make a Kentucky estate plan.
Perhaps, the biggest life event that necessitates estate planning is children. And, in a study conducted by Trust & Will, they found that 35% of Millennials surveyed who had an estate plan did so because they had at least one child. When children are born, as parents, our job is to make sure they are safe, even if we are gone. Who will take care of them (guardian)? Who will be that person’s back-up? How will the guardian pay for their upbringing? How should they raise them? Do you want them raised in a particular religion or church, pay for college, etc.? These are all things that can be built into an estate plan.
Family member death
Losing a family member was cited by 11% of Millennials as the reason why they decided to estate plan. This can be a shocking reminder of our own mortality and push to estate plan. And, if they were the ones who had to deal with the fallout, especially if their loved one did not have an estate plan, this made an estate plan an acutely needed problem to solve.
It is also about them, not just their family
Another key to remember when thinking about estate planning is that it is not just about the family left behind but also planning for our own end of life. Do we want to be resuscitated, and if so, how many times? Do we want to be on life support, and if so, for how long? Are there scenarios where one would not want to be on life support? Who makes medical decisions when you are unconscious? These are all questions answered in an estate plan, and none of them have anything to do with our loved ones.
For our Bowling Green and Louisville, Kentucky, readers, another item we can place in an estate plan is legacy. This can, of course, be part of a will with a bequest, but it can also be done with an enduring trust that does nonprofit work well after we pass. Or, it can be periodic bequests to nonprofits to ensure that our legacy is remembered well after we pass.