Hyden, Miron & Foster, PLLC Law Blog

Wednesday, August 15, 2018

Estate Planning for Millennials

Why is it important for young people to have an estate plan?

Millennials, or those born between the years of 1981 and 1996, are now busy building careers and starting families of their own. Today’s Millennials watched the nation take a hit during the 2007 recession. For many Millennials, this defining event has created an air of caution when it comes to finances and investing. Wise Millennials understand that developing an estate plan is a critical part of preserving one’s assets for the next generation.

Why an Estate Plan?

Younger adults tend to find it easy to put off estate planning. After all, none of us wish to consider our own mortality. However, delaying making an estate plan can cost you and your family tremendously. If you die without an estate plan in place, your assets will be automatically distributed by the court in accordance with Arkansas state law. You will have no say in who receives what, and some of your estate will be eaten up by court costs, taxes, and attorney’s fees.

Additionally, if you become incapacitated without a power of attorney or health care directive in place, your loved ones may struggle to ensure you receive the care you need. Anyone over the age of 18 needs a medical and financial power of attorney. Millennials who are parents have the additional incentive of naming a guardian for their minor child within their will.

Estate Planning Considerations for Younger Americans

Every American, regardless of their age, should have a basic will, as well as one or more powers of attorney. Millennials and other younger adults who grew up in the tech area could have some additional factors to consider when making an estate plan. Younger adults often have considerable digital assets. Digital assets may include your social media accounts, online images, domain names, blogs, and the like. This information may be lost forever if not included in your estate plan.

Many Millennials may also be the owners of one or more cryptocurrencies. Cryptocurrencies can be extremely valuable, but these non-traditional assets need protection. Crypto assets could literally disappear if not properly passed down to the next generation. As such, it is critical that you provide your heirs with clear directions and login info so that your crypto assets can be accessed by your loved ones after your death.

Contact an estate planning lawyer for more assistance with embarking on the journey of estate planning today.

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