Nowadays, millennials are between the ages of 23 and 38—so while their minds may have turned to buying a house or starting a family, estate planning might not yet be on their minds. Since you can update your will at any time, though, it’s never too early to draft one. In fact, there are several reasons why millennials should think about seeking legal advice on the subject and making arrangements sooner rather than later. 

3 Reasons Millennials Should Prioritize Estate Planning 

1. To Protect Your Family 

The reality of life is that it’s unpredictable. If there is someone that depends on you—whether it is a spouse, child, or an aging relative—you want plans in place for them should the unfortunate occur. In addition to naming inheritors or guardians for any minor children, standard legal advice would also suggest you create a living will. This document specifies your desires in the event you become mentally or physically incapacitated so that the burden of these decisions isn't in a loved one's hands.

2. To Simplify the Process

Both your family dynamic and net worth are likely to change over time. By writing a will now, you will only have to update it periodically. If, on the other hand, you wait until acquiring significant assets or having children or grandchildren, the process will be considerably more complicated. 

3. To Evaluate Your Progress

Drafting a will requires you to take inventory of all your assets and liabilities. Since this is not necessarily something most people do periodically, estate planning provides an effective way for some individuals to track their financial progress.

If you’re a millennial who’s ready to start estate planning, turn to Corey C Davis, CPA, Attorney at Law for legal advice. For more than a decade, this law firm has been helping families throughout Kerrville, TX, prepare for the future. Wills and trusts aren't their only areas of expertise, though. As a CPA, Corey C Davis also offers comprehensive accounting assistance as well. To explore all the services his practice provides, visit his website. To request legal advice, call (830) 257-8800.