It may surprise our Millennial and Boomer readers, but older Millennials are now approaching 40. This means that a huge, new population now has kids (possibly multiple), cars, homes, burgeoning retirement accounts, sizable crypto-wallets, etc. And, with the unprecedented events happening over the past three years, we can no longer take for granted that we will be here tomorrow. This is why it is now just as important for older Millennials to estate plan as their older, Brockton Boomer counterparts.
Young children are the differentiator between the two generations. While Chelmsford Boomers are more concerned with wealth transfers and avoiding unneeded taxes, Millennials have the added need of planning for their young children. This, of course, includes transferring wealth and unneeded taxes, but figuring out how to care for children who cannot care for themselves is a primary motivator to finally establish an estate plan. Think about who will raise them. How will that person pay to raise them? How will your kids pay for college? These concerns can make Franklin Millennial estate plans rather complicated.
End-of-life and incapacity care
Another motivator for many South Weymouth Millennials is the fact that they are now taking care of aging parents and dealing with the deaths of loved ones, some of who passed with estate plans and others who did not. This means that many of them were put in the place of deciding not only how to care for their aging parents but also their medical wishes. And, since their kids are too young to make these kinds of decisions now, it makes it so much more important to protect them from these complicated and gut-wrenching decisions.
Types of estate plans
Of course, many have a simple Massachusetts will. Although for those with kids and larger estates, more complicated estate plans are needed, including various trusts and payable on death accounts. And, for those with large social media and cryptocurrency accounts, a detailed listing of how to access these accounts and what should be done with them will also be needed. This can be particularly important for crypto-wallets that may require access through third-party applications or specific devices. Without specific instructions, all of those assets could be lost forever. Indeed, hundreds of millions of dollars in cryptocurrencies have been lost to locked and erased accounts over the past decade.