The investment portfolio of millennials is poised to change the estate planning industry. For many years, estate planners have largely been focused on providing support to baby boomers. Baby boomers will be passing on a significant amount of wealth to future generations in the next couple of decades, but the approaches that worked for baby boomers might not be as relevant with millennials.
Millennials can also benefit from the process of estate planning with the support of an attorney, and many of them are thinking about their retirement, and other later in life issues early on. This gives estate planning attorneys the opportunity to solve a critical need here, and to form a relationship with millennials who will need their support over the course of their life. Furthermore, many millennials may be in the position of helping to care for elderly loved ones who have been diagnosed with physical limitation, or conditions such as Alzheimer’s and other forms of dementia. This means that millennials might have to broach the estate planning process on behalf of their parents as well, serving their own needs as an adult child, while also rectifying concerns surrounding parents, who are in need of support with things such as Medicaid planning, long-term care planning, and other issues that arise in relation to retirement.
Millennials must be prepared to consult with an estate planning attorney who can provide valuable insight on all of these complex issues, be it creating a will to name a guardian for their own minor children, or helping with the family’s needs for elderly loved ones who don’t have an estate plan at all, or whose estate plan no longer reflects their individual needs.
The right estate planning attorney can address many of these concerns, and remain a supportive professional to turn to over the duration of a millennial’s life.