Boomers who have always managed their finances well want to ensure that their hard work does not go to waste. However, many millenials are not quite in the same position.
Millennials can be defined as children born in the late 70’s to those born in the early 2000s, and over the years one thing has become clear; estate planning is usually the last thing on a millenials mind.
Adult children’s estate planning or lack of is something that really gripes boomers. But all is not lost if this is the case with your millennial children. One thing boomers can do to ensure their children do the right thing is give them the gift of their own estate planning.
Many millennial children are not prepared to properly manage their own inheritance these days. Putting a trust in place could be the reason your children are able to go to college or grad school, and don’t end up squandering their inheritance.
By putting your own affairs in order you may be able to open up a conversation to discuss with your children and/or grandchildren what they are doing with their own estates. You could even pick up on a natural opportunity, such as a birth or death in the family to bring up the conversation with them.
However, it’s also important to note that family structure can be hard to break and all dynamics are different. It can be tough to shift patterns so the family can work together differently and efficiently on something like this. In this case, a trusted advisor can ensure a smoother approach and get things in order for you.
The right context and communication is essential in ensuring Boomer’s pay for their millennial children’s estate plans without causing trouble in the family.
Feelings can be hurt if the subject is not approached delicately, and adult children may feel that they are not given a voice. They may also get the feeling that you are suggesting they are not responsible, or that you still consider them children. They may find this offensive, so your discussions need to be more intentional in order to avoid this.
Clear set boundaries are a must, and they must be respected once the estate plan is in place.
The estate attorney is usually left with this task, so finding one that understands your plans and needs is essential to giving this gift to your millennial children in 2019. The right estate attorney will understand what you want to achieve and help you to set those boundaries in place.
The best gift you can give your millennial children in 2019 is helping them to organize and manage their affairs. By offering to pay for an estate plan, Boomers can take the right steps to ensure that their legacies will continue long after they are gone and that their children and grandchildren are well looked after, whatever transpires in future. Contact an Estate Planning Attorney at Mile High Estate Planning if you’re interested in estate planning for you and your children.