Why Millennials Need an Estate Plan: How an Entire Generation Can Reduce Unnecessary Risk During the Fourth Turning
If you hear “estate planning” and picture retirees, sprawling mansions, or trust-fund drama, you’re not alone. Many Millennials assume estate planning is something you do later - much later.
There’s some truth to these assumptions. Long ago, estate planning was a tool reserved primarily for affluent and high-net-worth families who could afford the historically expensive services required to fend off Uncle Sam at death. Nowadays, however, given the advent of new technologies, more affordable legal services, and a federal estate tax exemption (i.e. the level at which your “estate” becomes taxable) that surpasses the net worth of more than 99% of households, estate planning is more accessible than ever before. In fact, a basic estate plan for a married couple with kids usually costs anywhere from $3,000-$10,000, depending on your particular circumstances and the cost of living in your area.
Considering that not having a plan in place could cost, on average, anywhere from 3-7% of the total value of your estate (plus 6-12 months in court working through the probate process), the math certainly weighs in favor of having a documented estate plan.
Unfortunately, despite this increased accessibility, it is estimated that less than 1/3 of Americans have an estate plan in place. And, the numbers are even lower among young adults.
This isn’t necessarily surprising. Nobody likes to think about their death, even if they are constantly reminded that planning for their demise will not make it more likely to happen. Additionally, many individuals and families who lack significant assets often mistakenly believe it is a waste of time and money to prepare a plan in the first place.
Interestingly, most Millennials feel that the world is more unpredictable than ever before - especially in today’s digital age. And, like most generations who grew up at the dawn of the internet and enjoyed a more traditional childhood playing outside away from screens, there actually seems to be a heightened sense of anxiety that is basked into their identities.
Millennials are the generation that heard about 9/11 from a middle school classroom, participated in shelter-in-place drills when they seemed unnecessary, watched loved ones struggle through the Great Recession, signed up for massive amounts of student loans in order to keep up with societal expectations, and watched in shock and horror as rising temperatures, political crises, inflation, and a global pandemic gripped the planet in just the past half-decade. Those things, as well as other scientific breakthroughs like AI, are contributing to their general uncertainty about the future.
Millennials, however, are also now reaching the stage of life where planning is becoming important. They are buying their first houses, becoming business owners, getting married, and starting to have kids. Over the next several years, Millennials will also become caretakers for aging parents and potentially inherit their possessions and problems, too.
Estate planning is not about how old or wealthy you are. It’s about being prepared. And Millennials, more than any generation before them, have compelling reasons to get a plan in place.
What is Included in Your Estate?
Millennials may own fewer homes and have less raw purchasing power than previous generations, but they are slowly acquiring an increasingly large portion of the economic pie - a transition that will be further cemented by the coming ~ $70 Trillion wealth transfer from Boomers. Even so, Millennials already own assets that are traditionally included in one’s “probate estate” (or for tax planning purposes, “gross estate”):
Personal and tangible property (e.g., furniture, jewelry, clothing, keepsakes, etc.)
Vehicles
Bank accounts
Retirement accounts (401k, IRA, etc.)
Life insurance
Additionally, Millennials often have more digital asset exposure than their parents, which can further increase the size of their estates due to developing legal treatment of such assets as tangible, personal property. These assets include things like:
Online business interests
Cloud-based storage
Social media accounts
Bitcoin and other cryptocurrencies
NFTs or digital collectibles
This means that, for most Millennials, their estates may be larger than they think. Without proper planning, these assets can be devalued, lost, locked, mishandled, or remain completely inaccessible to future generations.
Why You Should Care Now More Than Ever
For new parents, estate planning isn’t optional - it’s foundational. A proper plan allows you to name legal guardians for your minor children, avoid family disputes, control how and when children receive money, protect assets through trusts, and ensure financial stability for generations. Without these core protections, a court may decide what is best for your children.
Similarly, for new couples and new homeowners, an estate plan can help mitigate risk by protecting unmarried partners, clarifying financial authority, ensuring smooth property transfers, and avoiding probate delays.
These are the obvious examples where an estate plan is needed.
Increasingly, however, new demographic and societal changes are making the need for a plan even more urgent for Millennials:
Great Wealth Transfer: Currently, Baby Boomers are estimated to hold more than half of the nation’s total wealth. Over the next two decades, however, younger generations such as Millennials and Gen Z’ers are set to inherit more than $70 Trillion in assets from their parents as part of the largest inter-generational transfer of wealth in history.
Rising Healthcare Costs: Healthcare costs are also rising faster than ever before. While some of this is due to fallout from the COVID-19 pandemic, other factors, such as aging, inflation, and a lack of governmental policy supporting coverage for preventative care, are exacerbating already-sky-high prices. Barring extreme intervention, these costs are likely to continue to rise over the next several decades and fall directly into Millennials’ laps. Planning for these costs, and future medical circumstances, is a critical part of any estate plan.
Changes in Life Expectancy: Life expectancy is also changing. During COVID, life expectancy in the U.S. actually declined for the first time in decades. Since then, it has rebounded, albeit at a slower pace. Despite this short-term decline, longevity science is showing increasing promise to extend human life and health-span beyond what was previously thought to be possible. While dying unexpectedly at a young age is always tragic, particularly for those without a plan, living beyond expectations can be equally or even more troublesome from an estate planning perspective, as people tend to acquire more assets and responsibilities as they age (not less). For Millennials and Gen Z’ers who now have a real shot of becoming Centarians, routine estate planning (and regular updating of that estate plan) is foundational to any legacy planning strategy.
Sandwich Generation Problems: Millennials don’t just have themselves to worry about. Over the next few years, they will also balance the competing demands of raising a family and caring for aging parents, further underscoring the need for a comprehensive estate plan.
Divorce Rates: While nobody expects divorce to happen to them, the numbers are clear: roughly half of all marriages today end in divorce. Planning for the future with this context in mind is not only prudent, but necessary for the protection of the entire family unit - especially the kids.
Digital Asset Holders and Artificial Intelligence: Millennials who own Bitcoin, crypto, digital assets, online income streams, or other virtual brands have additional, compelling reasons to plan for the future. Due to the self-custodial nature of many of these assets, one’s digital legacy can vanish in a matter of seconds if there is no documented succession plan for access, custody, and security, or related technical guidance for heirs. As more wealth flows from fiat assets to fixed-denomination assets like Bitcoin, these risks further compound.
Daily Uncertainty and Ordinary Emergencies: For those who aren’t impacted by any of the foregoing developments, consider the peace of mind and emotional benefits that come from having a plan in place. Life happens fast and small daily emergencies are always unpredictable. We are truly living through one of the most interesting times in modern history - a period some have referred to as the “Fourth Turning” - and Millennials must be prepared to weather more frequent crises, the fall of societal norms, and the rebuilding of outdated institutions.
What a Millennial-Friendly Estate Plan Includes
A traditional estate plan generally includes five core components, although the precise form and name of each can sometimes vary across states:
1) Durable power of attorney, which authorizes an agent to step in and make financial and business decisions for you during a period of incapacity;
2) Healthcare proxy, which authorizes a separate agent to make important decisions regarding your healthcare;
3) HIPPA acknowledgment and release of medical information, which allows certain authorized parties to obtain access to your private medical information;
4) Living will or end of life directive, which outlines your preferences for end of life care, last illnesses, and the disposition of your remains;
5) Last will and testament, which outlines your preferences for the disposition of your property, appoints guardians for your minor children, and designates an executor to administer your estate.
But planning for death and incapacity is just the beginning.
In today’s digital age, a more sophisticated approach to planning is required. Becoming FutureProof is not just about creating systems to protect your family after death - it’s also about giving peace of mind, freedom, and optionality during life.
A FutureProof estate plan should also include:
6) An emergency guide and kit for life’s everyday emergencies that require intervention before any formal legal documentation or related measures can kick into place.
7) Digital asset inventories, digital asset provisions, and technical agent designations to help you and your family access and account for digital assets and identify technically-savvy helpers to ensure your digital legacy is preserved.
8) Revocable living trusts, which can be used to protect your family’s privacy, avoid probate, retain flexibility and control over assets during life, and efficiently pass down assets to the next generation.
9) Specialty trusts for those with significant assets implicating estate and gift taxes, families with self-custodial wealth like Bitcoin, or other special family circumstances, assets, or business interests.
10) A comprehensive private wealth (or micro family office) team consisting of attorneys, accountants, financial advisors, insurance agents, real estate agents, and other tech-savvy advisors that can help to review and update an estate plan as needed.
Final Thoughts
Estate planning is not about expecting the worst; it’s about protecting your life, your people, and your future.
With such uncertainty about the impact of life in the digital world, preparing an estate plan is a simple and meaningful way for Millennials to invest in themselves and take back control of their futures.
FutureProof Law, L.L.C. is a private wealth and estate planning virtual law firm focused on helping affluent Millennials, Bitcoiners, and forward-thinking families protect their privacy, portability, and sovereignty in the digital age. Founded in 2026 by Attorney Jake Bruner, FutureProof Law, L.L.C. prioritizes an underserved generation of worried clients building wealth and legacies in a modern world. Through the preparation of creative and compassionate, digitally-native estate plans, FutureProof Law, L.L.C. helps the next generation of clients in Colorado, Florida, Ohio, and Pennsylvania seize control of their lives and legacies on the cusp of the largest transfer of wealth in history. To begin planning your future, book your FutureProof Planning Session today or contact Jake Bruner directly by phone (303-962-0625) or email (jake@futureproof.law).
