Millennials, It’s Time to Bust the Estate Planning Myths

When you hear the words “estate plan,” do you immediately think of wealthy retirees? You’re not alone—but that mindset is exactly what keeps so many Millennials from protecting themselves, their families, and their future. Estate planning isn’t about how much you own—it’s about having a say in what happens when life throws the unexpected your way.

Let’s debunk a few of the most common myths—and answer the questions you should be asking right now.

Myth #1: I don’t need an estate plan because I don’t own much.

Estate planning is not just about distributing wealth. A solid plan lets you name who will make decisions about your finances and healthcare if you're ever unable to do so yourself. It also gives you the power to nominate a guardian for your children should the unthinkable happen.

Without a plan, the state decides what happens—to your money, your care, and your loved ones. And spoiler alert: the default laws probably won’t reflect what you would’ve chosen.

Myth #2: Estate planning is only for older adults.

Wrong. Life is unpredictable. Estate planning gives you a voice now, regardless of your age or net worth. Think of it like an insurance policy—something you hope you won’t need any time soon, but essential to have in place. As your life evolves, your plan can evolve too. But the key is starting.

Question #1: What happens to my employer-provided life insurance if I don’t name a beneficiary?

If you skip the beneficiary form, your policy payout may end up going to your estate—or worse, to someone you wouldn’t have chosen. That means your loved ones could face probate, delays, and confusion. Always fill out (and regularly update) your beneficiary designations to make sure your wishes are honored.

Question #2: Who should I name as the beneficiary of my retirement account?

It depends on your goals. You can name a person (like a spouse or sibling), a charity, or even a trust. But each option has different tax rules and consequences. Choosing the right beneficiary can protect your loved ones and maximize what they receive—we can help you

make that decision with confidence.

💬 Let’s Get Your Plan in Place

Estate planning isn’t just for your parents. It’s for you. Whether you’re building your career, buying a home, or just trying to adult better—now is the time to get your affairs in order.

📞 Book an exploration call with Ashley today and take the first step toward peace of mind and financial clarity.