When you’re in your 20s or 30s, estate planning probably isn’t high on your list of priorities. Between paying off student loans, growing your career, and saving for the future, it’s easy to assume that estate strategies are something you can put off for decades. But here’s the truth: estate planning isn’t just for the wealthy or the elderly — and there are compelling reasons millennials should start thinking about it now.
Here are four reasons to consider creating an estate strategy, no matter your age or income:
1. A Will Does More Than You Think
Even if you don’t have a lot of assets, having a will ensures your wishes are known and legally protected. It can help determine who should inherit sentimental items (like collectibles or your car), and even who should manage your digital legacy — such as your social media accounts or online photos. Without a will, those decisions are left up to the courts.
2. Protect Loved Ones from Burial Expenses
Funerals can cost thousands of dollars. Without proper planning or savings in place, that financial burden could unexpectedly fall on your family or friends. Including final wishes and coverage plans as part of your estate strategy helps minimize that stress during an already difficult time.
3. A Medical Directive Gives You a Voice in Emergencies
Accidents can happen to anyone. A medical directive (also called a living will) allows you to specify the kind of care you would want — or wouldn’t want — if you were ever unable to speak for yourself. Whether it’s palliative-only care or full intervention, having this in writing ensures your wishes are honored.
4. A Durable Power of Attorney for Health Care Ensures Someone You Trust is in Charge
This legal document designates someone to make medical decisions on your behalf if you become incapacitated. Choosing a healthcare proxy you trust avoids confusion or disagreement among family members and gives you peace of mind that someone will advocate for the care you want.
Estate Planning Doesn’t Have to Be Complicated or Costly
We get it — you’re juggling a lot. But these initial steps can usually be done at a relatively low cost and can save your loved ones stress, confusion, and financial hardship down the road. At Platinum Wealth Management of Buckhead, we believe your financial strategy should evolve with you — and that includes planning for the unexpected, no matter your age.
If you’re not sure where to start, we’re here to help you put the right tools in place to protect what matters most.