The millennial generation will be inheriting approximately $30 trillion from their parents, the baby boomer generation. This is a great deal of money, but no millennial can be certain what he or she will be inheriting until his or her parents reveal their estate plan. If you are a millennial, and your parents haven't told you their plans, you might want to talk to them about it.
If you're not convinced, here is why you should chat with your parents about your estate planning:
- You need to understand your parents' wealth transfer plan: If you and the other heirs do not fully understand the plans your parents have for their estate -- especially with regard to asset distribution -- it could result in family arguments and other difficulties that are financially and emotionally costly.
- You need to understand the assets you will inherit: Understanding your parents' financial plan and other assets is essential. No matter how financially savvy you think you are, knowing what you're going to receive and how to manage it, will improve your capacity to preserve your parents' wealth for the benefit of yourself and future generations to come.
- You're a part of the family legacy: No matter how big your family's estate is, you will be the next torchbearer of the family legacy. As the next decision-maker -- whether you like it or not -- you will be responsible for the future health and well-being of your family's wealth. As such, it might be time for you to start taking part in the family decision-making process now.
If you're a baby boomer with children who will inherit your estate when you die. Be sure to talk with them about your estate planning, your asset distribution plan and what your hopes and dreams are for your family legacy in the years to come.
Source: Forbes, "Hey Millennials, You Need to Speak Up About Your Inheritance," Daniel Scott, accessed Nov. 02, 2017