Many members of the so-called Generation Z, despite their young age, are already looking ahead to retirement. Gen Z—encompassing people born from roughly the mid-to-late ‘90s through the early 2010s—have many qualities as a cohort that has led to them having their eyes set on retirement at younger ages than their peers from older generations. The truth is that, no matter what your age, it’s always a good idea to begin thinking about estate planning as soon as possible.
Gen Z and Estate Planning
While millennials—the generation just above Gen Z—have shown an interest in estate planning from a relatively young age, Zoomers are taking things even further. Whether it’s seeing the impact of the Great Recession on their parents’ wealth, changed attitudes among the cohort about death, or specific qualities inherent to the generation, Gen Z is getting smart when it comes to having their eyes set on retirement.
One quality many Zoomers possess that might explain this interest in estate planning is a natural ease with technology. This has led them to take charge of their own education via the internet and led to a natural curiosity about a wide variety of areas. Other qualities that Gen Z possesses that may be driving their interest in estate planning include a practical nature, a resilience based on witnessing financial insecurity, and an entrepreneurial spirit.
The Importance of Estate Planning
Whatever generation you belong to, though, it’s important to develop a fully realized estate plan. And as Gen Z is showing, the earlier you do so the better. Even if you don’t think you possess a lot of assets, chances are you have more than you think—whether it’s your car or a life insurance policy. In addition, it’s always best to prepare for the worst. Even if you’re in great health today, you never know what may happen tomorrow, so it’s important to not only provide for your assets but to make key decisions about who will look after you if you should become incapacitated.
Because they are both self-starters and digital natives, many Zoomers look to the internet both for information about estate planning and to actually carry out key aspects of this process. While the internet can be a useful source of knowledge, there is plenty of misleading information out there that can lead you down a bad path. In addition, many people look to online services to execute essential documents such as a will. While this may look like an easier option, drafting a will is a complicated process and, without a legal background, you can’t be sure you’re making the best possible decisions for your estate. Nothing can compare with speaking with a knowledgeable legal professional when it comes to estate planning.
Contact the Elder Law Attorneys at Deliberato Law Center
If you’ve got your eyes set on retirement, we’re here to help. The attorneys at Deliberato Law Center have many years of experience helping clients of all ages come up with the perfect estate plan. Give us a call today at 216-341-3413 or fill out the form below and start resting easy knowing your future is covered.