On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | April 19, 2024 | Estate Planning
Younger generations are estate planning like never before. Generation Z, in particular, the oldest of whom are already 26, is driving industry changes by embracing technology, like online wills and trusts.
Even though Gen Z is the most tech savvy generation, it is critical for effective estate planning to get an attorney involved to ensure the plan achieves one’s goals and delivers the intended wealth and asset protections.
Combining the knowledge of an experienced attorney with the convenience of technology, Gen Z adults can simply and effectively put plans in place for their future.
How an Attorney Can Help Gen Z with Their Estate Plan
Meeting with an experienced estate planning attorney, in person or by Zoom, can help with:
- Identifying your goals: What do you want to accomplish with your estate plan? It cannot be stressed enough that an important first step to any estate plan is to first identify what your goals are as far as your estate plan. Gen Z is one of the most socially conscious generations. As such, you may want to set aside some assets to leave to charity or a particular cause that is important to you. Maybe you have young children and your priority is ensuring they are well taken care of in your absence.
- Asset identification: Before determining who gets what, you need to have a detailed list of your assets as well as your liabilities. Make a list of everything with your name on it. This includes not only bank accounts, credit cards, properties, and loans, but also digital assets like cryptocurrency and social media accounts, as well as any assets that may produce future residual income.
- Document preparation: Your estate plan is an important set of documents. An estate plan done incorrectly can cost you and your loved ones’ time and money. You should always work with an experienced estate planning attorney to make sure your goals are met and your documents are executed correctly.
- Making regular updates: An estate plan will not update automatically if something in your life changes, so you need to make regular updates to your plan. Generally, you will need to update your estate plan after any major life event, for example getting married or divorced, having children, purchasing new property, a death in your family, etc.
Get Help from an Experienced Estate Planning Attorney
If you are just getting started on your estate plan, you should reach out to an estate planning attorney right away. It is never too early to start preparing for your future. Here at Frye, Fortich & Garcia, P.L., we will walk you through each step of the process
