Very few Ohio residents are eager to discuss the details of their own demise. It is easy to understand why the topic is a difficult one to delve into, no matter what one’s age. However, young people are even less likely to work through their estate planning options than other groups, which can leave many ill-prepared for an unexpected outcome. While many people begin to think about estate planning needs once their first child is born, some experts believe that a better time to consider the issue is as soon as an individual enters the workforce and begins earning money.
At that point, most of us will also begin to accumulate wealth, even though that process might seem frustratingly slow at times. Regardless of how many assets one has amassed, it is important to create a plan for distributing that wealth if and when the time comes. Fortunately, most Millennials have very basic needs in this regard and can get by with a simple will.
Once that will has been drawn up, it is important to make an annual review to check for any needed changes. As one’s career advances and new assets are acquired, these matters will need to be addressed within the appropriate estate planning documents. The same is true of significant life events, such as marriage, divorce or the birth of a child. As the years pass, each person’s needs will change.
For those in Ohio who establish good estate planning habits early in life, the end result can yield a positive result for all involved. In addition, addressing the matter while still in one’s prime can remove a great deal of anxiety from the topic and make it easier to discuss these plans with loved ones. Millennials can begin by creating a basic will and should commit to revisiting the topic on a yearly basis.
Source: thestreet.com, “Why Millennials and Generation Xers Need to Worry About Estate Planning“, James Salter, Nov. 29, 2015