Estate planning might not be the first thing that comes to mind for Gen Z, but it’s never too early to start thinking about protecting what you’ve worked hard to build. Whether you’re just beginning your career, launching a business, or building a family, estate planning can provide you with essential peace of mind.
Many people assume estate planning is only for older, wealthy individuals. The truth is, estate planning is about more than just money—it’s about protecting your future and the people who matter most to you.
If you have assets (even digital ones), a family, or just want control over what happens to your property and healthcare decisions, an estate plan can benefit you tremendously. Here’s how you can get started:
1. Create a Will
A will allows you to decide who inherits your property and who takes care of any dependents, including pets. Without a will, Arizona law determines these decisions, and it may lead to a result you did not wish for.
2. Consider Powers of Attorney
A durable power of attorney allows someone to manage your finances if you become incapacitated. A healthcare power of attorney lets someone make medical decisions on your behalf. Having these documents in place will ensure a trusted loved one can handle your affairs without the added time and expense of court intervention.
3. Review Beneficiaries
Ensure your financial accounts, retirement plans, and life insurance policies have updated beneficiary designations. These designations can override what’s in your will, so it’s important to make sure you have them up to date at all times!
4. Think About Digital Assets
From social media accounts to cryptocurrency, digital assets are playing a larger role for Gen Z than for any other previous generation. Make a plan for who will manage or inherit these assets. You should also name a Legacy Contact for your accounts to make the transition smoother.
5. Explore a Living Trust
If you have property or other significant assets, a living trust can help avoid probate and provide more control over how your assets are distributed. You can get a lot more creative and flexible with a trust than you can with a basic will, but having a will is a good starting point.
Conclusion
Starting your estate planning journey early ensures that your wishes are respected, and your loved ones are protected. At Windrose Law Center, we help young professionals and families create customized estate plans that fit their unique needs. Contact us today to learn how we can help you plan for the future.