Most people tend to overlook the importance of creating an estate plan unless they’ve had a personal connection to it or have watched a loved one pass away without an estate plan. More so than previous generations, younger people today are thinking about how they’ll not only save for their future, but also protect their interests with an estate plan.
Estate planning lawyers are increasingly helping younger people work through everything from simple estate plans with powers of attorney and other key incapacity documents all the way up to more complex strategies involving trusts and other tools.
There are many reasons why more people are reaching out to experienced and qualified estate planning lawyers to talk through various aspects of their future strategies. The first is that more people are coming into their own money by building up businesses and want to protect those assets.
Another reason is the impact of COVID which showed many people just how uncertain and tentative their health could be. Another major reason why more younger people are reaching out to work with estate planning lawyers is because many of them are inheriting funds from other generations.
The most significant wealth transfer in American history is currently taking place over the next couple of decades, with many people receiving substantial windfalls in the form of inheritances.
This prompts plenty of people to think about what they want to do with that money but also how they’ll protect it and use it to support others. If you’re planning to inherit wealth in the coming years, talk to an experienced and qualified estate planning attorney to learn more about all of your options.