Why Millennials Need Wills: Worst-Case Scenarios

One of the impacts that we’re seeing from COVID-19 is that more young people are engaging in estate planning and putting wills in place. In this episode of MoneyBetter, host Caitlin Moore chats with guests Kara Brostrom, Andrew Loudon, and Nate Wieting about why you should make sure you have a will in place — and what could happen to your estate and family if you don’t. They also discuss items you need to include in your planning that you may not think of, including stock options, family businesses, and more. Tune in to learn how to make those decisions and ensure you’re prepared, should the worst happen.

Contact our Guests:

Kara Brostrom https://www.bllawgroup.com/kara-e-brostrom

Andrew Loudon https://www.bllawgroup.com/andrew-m-loudon

Nate Wieting https://www.ubt.com/about/directory/nate-wieting

Key Takeaways:

The main reason people don’t get powers of attorney or estate documents in place is because they think it’s going to be expensive. But . . . it’s way more expensive if you don’t have the documents in place. We often encourage parents and grandparents to give [power of attorney planning] as a Christmas gift for their children and grandchildren who are young adults just because it’s so important.

If you don’t take back control and either establish a will and/or a will and trust for the benefit of your estate plan, then statutes are going to control. We look to Nebraska law, and it’s very interesting and typically not how people want assets to go when they pass.

You have to think about “what if.” What if someone dies in the wrong order? Our best advice is that the guardian who you choose — a family member or friend to be the legal parent — not be the trustee of the money . . . recommend considering an independent third party like Union Bank & Trust. UBT can be the trustee of the child’s trust while your family member is the guardian.

Delegation of parental authority: As a parent, you’re able to almost sign a power of attorney on behalf of your minor child . . . if you and your spouse is going out of town and you’re leaving the little ones with grandparents, you can say these individuals are going to be in control of my children for this time frame and the document is good for six months, or you can set a date time frame.

Other Key Tips:

• You have options for powers of attorney if you don’t want to nominate family or friends. Banks can serve as your financial power of attorney, and your family doctor can be your medical power of attorney.
• Own a business? Own a farm? Consider a prenup.
• Regularly check your beneficiaries on your accounts to make sure they reflect your current estate plan.