The Future of Inheritance: How Millennials Are Rewriting the Rules on Estate Planning - Presented by RockpointProbate.com

EL SEGUNDO, Calif., Sept. 30, 2024 /PRNewswire/ -- Rockpoint Probate announces a shift in estate planning as millennials prioritize digital assets, social causes, and flexibility, fundamentally changing the landscape of inheritance. Millennials. You've heard the gripes. They're killing everything from plastic straws to homeownership. But here's one thing they're saving, or at least seriously shaking up—estate planning. Yeah, that's right. While older generations may have tucked away their wealth and handed it over in a neat little package after they passed, millennials are looking at the whole deal differently. They're less interested in the traditional ways of passing down wealth and more focused on new priorities—like digital assets, environmental responsibility, and making sure their lives reflect the kind of values they've lived by.

And it's not just about doing things differently; it's about making sure estate planning, that often dusty process for lawyers and accountants, catches up with the times. So how are they doing it? Let's take a closer look at how millennials are shaping the future of inheritance and what that means for all of us.

Digital Assets: A New Kind of Inheritance

You probably wouldn't have caught your grandfather worrying about his social media accounts when writing a will, right? But for millennials, who grew up with the internet humming away in the background, digital assets are just as important as the physical stuff. We're talking everything from Bitcoin wallets to Instagram accounts with tens of thousands of followers, to online businesses they've built from scratch.

The real kicker? They're not waiting until they're gray and stooped to worry about it. They're making plans now, drafting instructions for what happens to their digital lives when they're gone. Some are appointing "digital executors"—yes, that's a thing now—to take care of their online presence after they're not around to tweet anymore.

As a result, the legal world is playing catch-up. Unlike grandpa, who knows a guy who knows a guy, Millennials search for well reviewed attorney online. Estate planning documents are starting to explicitly call out digital assets, and lawmakers are scrambling to write guidelines for an online afterlife. For millennials, this isn't just about keeping up appearances. It's about recognizing that digital stuff is real stuff, and it matters.

Money with Meaning: Social and Environmental Causes Matter

And then there's the social stuff. Millennials aren't exactly known for being shy about their passion for causes—social justice, environmental sustainability, and charitable giving. Their estate planning reflects those values, too. It's not just about leaving a nest egg for the kids or passing on a family home. More and more, millennials are setting up their wills and trusts to ensure that their wealth continues making a difference long after they've checked out.

Charitable remainder trusts and donor-advised funds? You bet. For this generation, giving back is part of the package. And they're smart about it, too, making sure their money goes where they want it—whether that's protecting the planet, funding social causes, or ensuring their investments line up with sustainable values.

It's a pretty sharp contrast to their predecessors, who often viewed wealth transfer as a way to secure the family name and fortune for generations to come. Millennials, though, want to make sure their wealth, however modest or grand, contributes to something bigger than themselves. That's where their hearts are—giving back to the world while they're still here and after they're gone.

Flexibility and Control: Keeping the Reins Tight

Here's another thing: Millennials like to keep their options open. Whether it's switching jobs, changing cities, or rethinking life plans, they're all about flexibility. Like Legal Loans, Inheritance Loans have become popular among Millennials. So when it comes to estate planning, they don't want something set in stone at 35, only to be dragged along for the rest of their lives. They want to tweak, update, and control their future even when they're not around.

This is where revocable living trusts come in—giving them control over their assets now and the ability to update plans as life inevitably changes. Millennials, unlike their grandparents, don't view estate planning as a one-and-done deal. They see it as a living, breathing document that can be adjusted as they grow older, wealthier (hopefully), or have new ideas about where their money should go. Many Millennials are opting to secure Inheritance Funding to pay off their debts, start businesses, and manage their own estate rather than wait for Probate.

That flexibility is a key difference between them and the generations before. Sure, older folks used trusts and estate plans, but the idea of continuous control—even beyond the grave? That's where millennials shine.

Estate Planning in the Age of Technology

But perhaps the biggest shift in millennial estate planning comes down to their comfort with technology. This generation lives and breathes digital tools, so it's no surprise that they're not waiting for some stuffy meeting in a wood-paneled office to get their affairs in order. They're using online platforms, creating estate plans digitally, and signing off with e-signatures. In fact, some are even using blockchain to track assets for added security.

Estate planning services have noticed the trend, with more and more offering digital-first solutions that let users craft their wills, trusts, and other legal documents with just a few clicks. It's estate planning for the click-and-swipe generation, offering convenience and ease at a fraction of the traditional cost.

And as the demand for digital estate planning grows, companies are getting smarter about ensuring privacy, safety, and security in ways that haven't been seen before. No more filing important papers in a fireproof box under the bed—everything's going to the cloud.

Financial Independence Over Inheritance

Here's the thing: If you talk to a millennial about inheritance, don't be surprised if they look at you a little sideways. Unlike previous generations who often banked on receiving a hefty check or a house in the will, millennials aren't waiting around for an inheritance to secure their futures. They're planning for financial independence—and that's the real game changer.

Many of them are creating estate plans that focus more on funding their personal growth and financial independence than passing down wealth to the next generation. They're thinking about student loans, home ownership (when they can afford it), and entrepreneurship. They're not looking for a windfall; they're looking to build something solid on their own.

What's fascinating here is the mindset shift: Millennials see inheritance as a possible bonus, not the foundation of their financial plans. And they're setting up their own estate plans with that same thought—thinking less about a windfall for future generations and more about teaching financial literacy, creating opportunities for growth, and making sure the people they leave behind have the tools to build their own financial futures.

A Whole New Approach to Legacy

In short, millennials are rewriting the playbook on estate planning. They're thinking beyond the traditional boxes—rethinking wealth, inheritance, and what it means to leave a legacy. They're more interested in living a meaningful life that reflects their values—whether that's managing digital assets, contributing to causes they care about, or maintaining flexibility over their wealth distribution.

It's a brave new world for estate planning professionals, who are learning quickly that to stay relevant, they need to offer services that meet the millennial generation where they are: online, on-the-go, and with an eye on the future. Inheritance isn't dead—far from it. But it's evolving, and the millennials are the ones leading the charge.

So, the next time someone tells you millennials are killing tradition, remind them—when it comes to estate planning, they're not just breaking the mold. They're creating a new one. And, like so many other things, they're doing it their own way.

For more information about Rockpoint Probate Funding and its services, please visit www.rockpointprobate.com 

Media Contact:
Rockpoint Probate Funding
Dan Burks-Goodman
Marketing Director
424-502-4645 x 894
[email protected]
www.rockpointprobate.com 

SOURCE Rockpoint Probate Funding