Most people think estate planning is a process for older, generally affluent individuals nearing retirement or dealing with health concerns. This common misconception leads many to believe there’s a generational gap regarding estate planning — an assumption that comparatively young and healthy people are not taking proactive steps toward safeguarding their money and property for the future.
However, the reality starkly contrasts with these misconceptions. Estate planning is increasingly top of mind for younger generations. Their unique attributes, including technological savviness, pragmatic financial views, entrepreneurial spirit and humanitarian concerns, effectively position them for early estate planning endeavors. According to a report from Trust & Will, 78% of Millennials emphasize the significance of building multigenerational wealth, a sentiment shared by only 45% of older generations.
