Six Estate Planning Tips for Younger Generations

Millennials and Gen Zers are taking their estate planning seriously. These tips can help make the process seem less daunting.

A young couple go over paperwork at their kitchen table while their dog looks on.
(Image credit: Getty Images)

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.

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David Weinstock, CFP®, AEP®, CPA
Principal, Mazars Wealth Advisors LLC

David Weinstock provides business succession, estate, insurance, tax, and investment planning services to high-net-worth individuals and business owners. His more than 28 years of experience are centered on delivering wealth advisory services to individuals and families. He specializes in complex estate planning matters, often integrating the efficient use of life insurance solutions to meet clients’ objectives. David has published in The CPA Journal and in Estate Planning Magazine and has been interviewed by the Wall Street Journal.