If you’re a millennial, you might not have an estate plan or a financial plan at all. Putting these things off because they feel more useful in the future can be a big mistake.
A significant percentage of millennials would rather do practically any task rather than thinking about their finances. According to one recent study published by up wise and one poll, the study looked at the perspective of 2,000 different millennials, finding that managing money-related tasks came in last place on their list of priority activities. These millennials were more likely to care for plants, play with pets, think about what to have for dinner, or to surf the internet than think about their finances.
Over the course of a given year, the same section of the population dedicates 150 more hours to social media than they do thinking about their money, and less than 30% of millennials said they check their bank accounts on a weekly basis. Getting more in touch with your financial strategies and the tools that you can use to support yourself now and well into the future can give you a good perspective of where you’re headed, and how you may choose to support others through the estate planning process.
For more information in creating an estate plan, and doing so in a simple manner that covers all of your bases, consider reaching out to a knowledgeable attorney. While many millennials do not need complex estate planning strategies, they can get significant peace of mind from covering the basics and will know that they have appointed people they trust to take up important decisions and actions if and when it is needed due to incapacitation or death.