Estate Planning For Millennials: There Is No Other Time But Now

This article is part of an ongoing series about the importance of end-of-life care planning at all ages. Check out part two to this installment here.

Just like brushing your teeth or going to work on time, there are parts of being a fully functional adult within society that you just have to do. It's not fun, it takes effort, but being an adult involves stepping up, facing our mortality and taking steps to prepare for the unexpected. Unfortunately, there is a prevailing sentiment – or rather, a lack of awareness – that doing these sort of preparation steps only goes so far, and inevitably stops just short of end-of-life planning.

It isn't a pleasant thought, and with the average American lifespan extending into the 70s, the excuse of "having plenty of time" often wins over, as estate planning is pushed toward the very recesses of the Millennial mind. However, part of adulthood should be coming to terms with mortality and the unexpectedness of what the future will hold.

Planning For The Unexpected

While death and extreme illness is not common in young adulthood, it is not unheard of. The unexpectedness of medical catastrophes or life-threatening accidents or rare illnesses is precisely why we must combat this sentiment and plan for the unanticipated. Imagine just for a moment that something does happen to you or your partner, your sibling or close friend— wouldn't you want to ensure that everything had been done to prevent adding another anvil of pain onto the situation? Especially considering just how simple it is to make basic arrangements for your own end-of-life care, there is no excuse to overlook this small sacrifice. Do it for yourself, your peace of mind if something terrible were to happen to you and you were no longer able to make informed decisions about yourself and do it for your loved ones.

The fact of the matter is that nobody talks about end-of-life care for young adults. In a recent study discussing Millennial sentiments, the subject is barely breached with Millennials and their parents regarding the parents' end-of life care, not even breaching Millennials' own estate-planning discussions.

The study indicates that "two-thirds (67 percent) [of Millennials] have not had detailed conversations with their parents regarding important issues including estate planning, health and elder care, and covering living expenses in retirement; 41 percent are not having any [emphasis deleted] conversations at all with their parents about their will and estate planning." If these conversations are not happening inter-generationally, how infrequently are they happening with the younger generation at all?

If you could do anything to help your family cope with the unthinkable, would you not do absolutely anything? Take the time today to look out for those closest to you. A few hours of preparation can save your loved ones days, weeks and months of avoidable legal headaches when they are already reeling in the reality of your unexpected death.