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Millennials can avoid estate litigation through early planning

It should come as little surprise that many young people do not spend a tremendous amount of time thinking about late-life planning. British Columbia residents who qualify for the "millennial" label tend to think of estate planning as something that can be done later, or something they do not really need to do at all. However, many experts contend that in order to avoid costly errors or even estate litigation when the time comes, it is of significant benefit for young professionals to start estate planning today. 

An American study suggests that only 22 percent of 18 to 36-year-olds actually have established a will or trust. This number is shockingly low compared to the rate of people over the age of 72, some 81 percent, who have such paperwork ready to go. The middle ages range from 30 to 60 percent of people who have tackled their estate planning. Some have noted these numbers are not heartening. 

When polled, the younger ages pointed to two major reasons why they had not begun estate planning. The obvious reason is that young people feel as though they have all the time in the world to plan, but many young people also did not believe they had enough assets to bother with an estate plan. The truth is no assets are too small: no matter how little a young person may have accrued, it is important that those assets are disseminated according to their wishes, rather than become the purview of the state. 

Those British Columbia residents without an estate plan open themselves to a litany of possible issues. This can range from minor headaches for the family left behind to full-blown estate litigation to handle major issues that arise when documentation is not provided. Seeking the assistance of an experienced estate attorney is a step that is beneficial at any age. 

Source: financialbuzz.com, "Millennials: Start thinking about estate planning now!", March 3, 2017

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