By Sarah Stewart Legal Group
A lot of people avoid planning for their wealth and estates. They, mistakenly, believe that estate and wealth planning are tools made only for the wealthy.
But, whether you have $50,000 or $5 million, planning is crucial for building wealth and to provide security, cost-savings, and peace for your loved ones after you’re gone.
There are 3 good reasons Millennials should plan for their estates and their wealth with a professional today:
(1) You Still Have Responsibilities After You Die
The government and creditors will try to collect what you owe them from your estate when you’re gone.
Someone will have to pay your income taxes for the year you died, property taxes on real estate you own, and possibly, state or federal estate taxes for your estate. Your estate plan will help your family manage these obstacles when you’re gone.
(2) Do-it-Yourself Estate Plans Are Not A Good Idea
Everyone’s estate is a little bit different. We all own different kinds of property and have specific wishes for what we want to happen to that property when we die. Online forms and services are one-size-fits-all solutions to a diverse field.
If you make a mistake in your estate plan today, your heirs will have to pay for it tomorrow, when you’re gone. There are so many deep, complex issues to consider that estate and wealth planning on your own is not the best route. Speak to professionals to get your wishes in order.
(3) Digital Assets
We gain a lot of property throughout our lives. Millennials should begin thinking of who they want to receive their 401ks, bitcoins, and other assets while they’re acquiring them, and name beneficiaries for the assets they can from the beginning.
Other types of digital assets require planning as well. Who will manage and close your social media accounts, online payment accounts, and money-making assets such as blogs and online stores?
These issues need to be addressed in modern estate plans.
There are so many considerations in estate and wealth planning. There is no better time to reach out to professionals and start than now!