By Yaёl Bizouati-Kennedy | NASDAQ
Estate planning is a critical part of building generational wealth and creating a legacy. Yet, it is an area that can generate a lot of confusion and in turn, make you lose money. Misconceptions around estate planning are common, especially for those in younger generations, such as Millennials, who might not necessarily consider it as a priority.
Estate planning is about so much more than where your assets go when you pass away, said Scott Glatstian, estate planning attorney at Rosenblum Law.
“A good estate plan is going to make sure you’ve named a guardian for your kids. It’s going to make sure that your healthcare preferences are followed if you’re ever too ill to speak with a doctor yourself. It’s going to name people you trust to handle your affairs, both during life and after,” he said. “So if you think you’re too young or not financially ready to create an estate plan, I’d say think again.
Here are Millennial misconceptions about estate planning, according to experts.
1. I’m too young to need an estate plan.
2. I don’t need an estate plan. My family will sort it out.
3. Trusts avoid estate tax.
“Estate planning is often misunderstood, but it plays a crucial role in securing your legacy and financial well-being. Many people mistakenly believe they are too young to start estate planning, but the birth of a child or buying a home are compelling reasons to begin. Selecting a guardian for your children is a significant responsibility and shouldn’t be left to chance. The misconception that family will sort things out on their own can lead to legal and financial complications, making it essential to have a trust, will, power of attorney, and health care directives in place.’
‘It’s crucial to understand that estate planning is not just for those with large estates or fancy houses; anyone with assets and loved ones should consider creating a plan to ensure their wishes are followed and their family is protected.”
-George Finn, Rose Law Group transactional attorney who also handles estate and asset protection work
