Adapting to Change: Preparing Clients for the Future.

• Author: Mcpike, Marjorie
• Position: Estateplanning

COVID-19 Was a time that caused many changes. We saw many people pass away unexpectedly people who thought they had time to plan. I heard a lot of people talk about generational wealth. Many people decided they no longer wanted to work for a company or even in the United States.

Contrary to previous generations and the more traditional approach- go to college. get married, get a job. have children, work the job for 40 years, retire--millennials are more apt to work for themselves and create their own opportunities.

Millennials also have digital assets that were not common with baby boomers. Facebook, Twitter. Instagram and You Tube have their social component- and many of these are monetized and have been used to create businesses that are sole providers for some households.

This creates different challenges when it comes to estate planning for these types of clients. Previously, estate planning was not considered until later in life. Considering the above changes, however, it's important to begin thinking about these things sooner.

Below are steps your millennial clients can take to be prepared for an emergency and ultimately help with their estate plan.

List of Passwords

It's important your clients have a list of all their passwords saved so someone can access them if necessary-There are also applications that can be used to store passwords with a master password to gain access.

Guardianship Paperwork

It's important to outline who will be the caregivers for children in the event the biological parent passes away.

In a common household where there is both the biological mother and lather, usually it's the surviving parent who would become the guardian. In a blended family, that may not be the case. There may be instances where the other parent is not the recommended caregiver for the children. This should be outlined in guardianship paperwork so the desires of the custodial parent are carried out.

Know the Financial Inventory It's important to start thinking about estate planning early. A great way to do this is to create a page with information outlining accounts, insurance policies with beneficiaries and contact information, retirement and pension information. I have heard this called a "life on a page" or "financial overview." You want to have a document that lists, at a minimum:

* Bank accounts with account numbers

* Credit card account numbers

* Mortgage company(s)

* Safe deposit information

* Health Insurance...