Retirement and long-term care needs feeling far off? Not so for Gen Z, who spend more time educating themselves about planning for the future and getting their ducks in a row with finances. And given that 25% of Americans will need long-term care at some point in their lives, it’s wise to spend the time creating an estate plan now.
Too many people are under the impression that estate planning is just about taxes and money, but it goes so much further. An increasing number of the Gen Z population are reaching out to do everything they can to protect their finances. Estate planning is also about the people you love, your hopes for them, their values and their character.
While many people put off the estate planning process until their 50s, 60s or even 70s, influencers in the social media world are inspiring Gen Z to learn more about finances much early. These individuals called finfluencers focus on living sustainably, investing in real estate, how to be frugal, becoming debt free and retiring early. One recent study found that nearly 20% of Gen Z-ers watch videos on YouTube or read blogs to learn more about financial matters. Since estate planning also incorporates the appointment of an agent to take care of your finances or health care decisions in the event that you’re unable to do so, Gen Z individuals can benefit from creating a basic estate plan.
Over time, the estate plan can be updated to incorporate more complexity in your life, such as buying a home or starting a family. Even a few documents such as a basic will and a power of attorney will give anyone peace of mind that they’ve taken proactive steps to protect their future. Let a NH estate lawyer help you with your plan.