The Top 5 Myths About Estate Planning Millennials Need To Stop Believing

Hey there, millennials! Estate planning attorney Andrea Aston here. Let's talk about something most of us would rather avoid: death and taxes (ugh, but seriously). But hear me out – estate planning isn't just for your grandparents. It's crucial for anyone who wants to ensure their wishes are followed and their loved ones are cared for after they're gone.

The problem? There's a lot of misinformation out there, especially for young adults. So, let's debunk the top 5 myths holding you back from getting your estate in order:

Myth #1: I'm Too Young. I Don't Have Anything to Leave Behind.

Wrong! Even if you're rocking student loans and a futon, you likely have assets – bank accounts, digital content, and even that prized record collection. Plus, estate planning isn't just about stuff. It's about who makes decisions if you're incapacitated. Think who you'd trust to handle your medical care or pay your bills.

Myth #2: My Stuff Automatically Goes to My Partner.

Nope! Not unless you're married. Even then, state laws vary. A will ensures your wishes are clear, whether it's leaving everything to your partner, a furry friend, or a favorite charity.

Myth #3: Wills Are Expensive and Complicated.

They don't have to be! While complex estates might require an attorney, basic wills can be surprisingly affordable. Plus, the cost of NOT having a will can be a huge headache (and legal fees) for your loved ones down the line.

Myth #4: Probate Takes Care of Everything.

Probate is the court process for distributing your assets. It can be slow, expensive, and public. A proper estate plan with a will or trust can minimize probate court involvement, saving your family time, money, and stress.

Myth #5: Estate Planning is Set in Stone.

Life throws curveballs! Your estate plan should be flexible. Review and update it regularly as your life changes—a new job, marriage, kids, etc.

Estate planning isn't scary! It's about taking control and giving yourself peace of mind. Stop believing the myths and take that first step. You (and your future self) will thank me!

Ready to get started? Check my website for resources, or contact me directly to schedule a consultation. Remember, a little planning now can save your loved ones a lot of trouble later.

Stay tuned for my next post, where I'll break down the difference between wills and trusts!

In the meantime, share this post with your fellow millennials and Gen Z friends! Let's get everyone thinking about the future.