Preparing an estate plan is the best way to ensure that a person's final wishes are respected and upheld. However, beyond ensuring that heirs receive their correct inheritance, is there anything more that Florida baby boomers can do to make sure that their children and grandchildren are taken care of? Some experts believe that parents might need to give their millennial children a push in the right direction when it comes to estate planning.
A 2018 study from the U.S. Trust Insights on Wealth and Worth found that 67 percent of people aged 50 or older want to invest in their kids and grandkids. However, while many people in this generation have done a great job of estate planning, the same cannot necessarily be said for their kids. When questioned by their parents, most millennials and Gen Xers report that they do not have any type of estate plan.
Millennials and those in Generation X typically have less wealth and more debt than their parents, which can pose some stumbling blocks to creating an estate plan. Even for those who might otherwise have the financial means to create a plan still do not because they feel overwhelmed by their debts. Some experts believe one of the best ways for parents to encourage their reluctant children is for them to offer to help with the financial side of creating an estate.
Rather than simply handing over a chunk of cash, Florida parents may want to first broach the topic of creating a lasting family legacy. This emphasis on the lasting implications of estate planning can help reluctant individuals understand the importance of creating their own plan. While unconventional, the gift of an estate plan might be the most meaningful things to pass on.