Millennial Estate Planning: Why You Should Start Early
If you’re like most millennials—anyone in their late 20s to early 40s—you probably agree that estate planning is important. Our generation has lived through defining, disruptive events: 9/11, the 2008 financial crisis, and the COVID-19 pandemic. These experiences have shaped a strong awareness of how quickly life can change and the value of being prepared for the unexpected.
Despite this awareness, only a small percentage of millennials have a plan in place. Why? Many believe they don’t have enough assets yet, aren’t sure where to start, or assume estate planning is something to deal with “later.” But here’s what you need to realize: estate planning works best when you start early.
In this post, we’ll break down why millennials should prioritize estate planning now, how to get started, and what unique considerations—like digital assets and pet guardianship—should be part of your plan.
Why Millennials Need Estate Planning Today
For millennials, life is already in motion. Many already have loved ones, pets, assets, or causes they care about. Estate planning is an urgent priority for millennials for many reasons, including those below.
You have more to protect.
Chances are, you already purchased a home, have retirement accounts, established businesses, and collected digital assets like crypto or online accounts. You want these to benefit your loved ones when you pass. You don’t want these assets tied up in probate or lost due to mismanagement.
You have kids (or pets).
Through estate planning, you can name legal guardians for your kids or even your pets upon your passing. Otherwise, courts will decide who takes your place, which might not align with your wishes.
You are building wealth.
Building wealth goes side-by-side with estate planning. As your finances grow, you should also keep putting up defenses against avoidable losses due to lawsuit, estate taxes, or other fees.
You live a digital life.
As industry leaders in digital estate planning, we at Rilus Law believe that the protection of digital legacies shouldn’t be overlooked. From your social media accounts to investment platforms and business applications, your estate plan should include clear instructions and access controls to your digital life.
You can’t predict the future.
The future is more unpredictable than ever. Accidents and illnesses can happen at any time and at any age. Estate planning allows you to control your health and financial decisions even when you are incapacitated.
It’s easier (and cheaper!) to do it now.
Estate planning early means simple assets and family structures. Thus, you can easily and more affordably create an estate plan that will adapt to your evolving life, whether you get married, have kids, change careers, move, etc., in the future.
Estate Planning for Millennials: How to Get Started
You don’t need to wait to “have more” or “feel older” to get started on estate planning. Take these simple and proactive steps and start planning today:
1. List what you own and care about.
Start by taking an inventory of:
Financial accounts (checking, savings, 401(k), crypto, etc.)
Real estate
Vehicles
Life insurance policies
Digital assets (social media, cloud storage, cryptocurrency, NFTs, etc.)
Pets
Children or other dependents
Valuables (jewelry, art, collectibles, luxury fashion, etc.)
Personal items with sentimental value
2. Identify the decision-makers.
When you pass or are incapacitated, who will be responsible for taking your place in making the following decisions?
Medical or healthcare
Financial
Child or pet care
Estate management
3. Draft the essential documents.
Depending on your estate planning goals, you can now create or update the necessary documents to accomplish these goals. Here are the most common documents used for millennial estate planning:
Will - The Last Will and Testament allows you to designate who will inherit your property and personal possessions, and just as importantly, who will care for your children or pets.
Power of Attorney (POA) - A POA is a legal document that authorizes someone you trust to make decisions on your behalf if you become incapacitated. You can draft a financial POA for your money matters or a healthcare POA for your medical decisions.
Advance Healthcare Directive - This outlines your preferences for life-sustaining treatment, organ donation, and more. Through this directive, you spare your loved ones from agonizing decisions during emotional times.
Digital Asset Plan - This plan, like the one Rilus Law offers, protects your digital legacy by making sure your online accounts, digital property, and electronic memories are accessible, secure, and handled according to your wishes, not left in legal limbo or lost forever.
4. Name your beneficiaries.
Go through your assets and check the beneficiary designations. Make sure to update the designations if they are no longer relevant, as these may override your will. Based on our experience, outdated designations are most common in:
Retirement accounts (401(k), IRA)
Life insurance policies
Pay-on-death bank accounts
5. Consult an estate planning attorney.
Work with qualified and experienced estate planning attorneys like Rilus Law. We help ensure your plan is legal, customized, and thorough, especially for things like:
Digital asset protection
Guardianship and pet planning
Modern relationship structures (unmarried partners, blended families)
Business succession or crypto
6. Review and update regularly.
Life is ever-changing, so estate plans should adapt to these changes. Review your plan every 3-5 years or after major life events like marriage, divorce, buying a home, or having a child.
Unique Considerations for Millennial Estate Planning
Millennial estate plans reflect their lifestyles, which are often different from those of previous generations. Here are the unique considerations that must be included in a millennial estate plan:
Digital assets - Millennials are the first generation to have built much of their wealth and personal life online. Thus, these assets should be your top priority in millennial estate planning.
Pet guardianship - If you are like most millennials, you treat your pets as family. Sadly, the law treats them as property. If you don’t want the court to decide what happens to your pets, use your estate plan to name a pet guardian, set aside funds for their care, and leave other instructions for their welfare.
Unmarried partners - There is an increasing number of millennials who live together without marriage. If you are one of them, use your estate plan to give your partner clear rights to inherit property and make decisions upon your passing. Otherwise, they might be excluded from these rights by the law.
Share or co-owned properties - Some millennials also go into co-ownership with family, friends, and unmarried partners. Include these properties in your estate plan, specifying your wishes for your share, who gets buyout rights or responsibilities, and how the asset will be divided or managed.
Charitable giving and supporting causes - Millennials like you are cause-driven. Don’t forget to include your charities and the causes you support in your estate plan.
Mobility and remote living - If you live or work abroad, like some millennials, consider multiple state or international laws. You may need legal powers to act across borders or jurisdictions.
Young children and future family - Millennials today are either new parents or planning to have children. Use your estate plan to name legal guardians for kids, set up a trust to fund their care and education, and plan for a blended or evolving family structure.
Start Planning Today with Rilus Law
The best time to start estate planning is before you need it. A simple will or power of attorney, and a few thoughtful designations can make a major difference for your future—and for the people (and pets) who rely on you.
Whether you're newly married, recently became a parent (or fur-parent), or just want to be proactive, we’re here to guide you. With Rilus Law, you don’t need to have it all figured out to start. Together, we can look into where you’re coming from so we can get to where you need to go. Contact Rilus Law to schedule a consultation and start building your estate plan today!