Something interesting is happening in estate planning offices across California. For the first time, we’re seeing millennials: people in their late 20s to early 40s: walking through our doors asking about wills, trusts, and power of attorney documents. Not because someone died or got sick, but because they’re finally realizing that estate planning isn’t just for wealthy retirees.
If you’re a millennial reading this, you’re part of a generation that’s rewriting the rules about when and why to plan for the future. But here’s the thing: while it’s fantastic that more of you are taking this crucial step, there are some common mistakes that could leave your loved ones in a tough spot.
Let me tell you what’s driving this shift and, more importantly, the seven mistakes I see millennials making that you can easily avoid.
Why Millennials Are Finally Taking Estate Planning Seriously
Life Got Real, Fast
Your generation has faced some serious wake-up calls. COVID-19, economic uncertainty, and watching friends deal with unexpected health crises made one thing crystal clear: life is unpredictable, and planning while you’re healthy gives you control.
Maybe you’ve had that gut-wrenching moment when a friend your age got diagnosed with cancer, or you realized that your growing family needs protection you can’t provide with good intentions alone. These aren’t abstract “someday” scenarios anymore: they’re real possibilities that demand real solutions.
Your Careers Don’t Look Like Your Parents’ Did
The traditional career path: steady job, predictable income, employer-provided benefits: isn’t your reality. You’re juggling gig work, freelance projects, side hustles, and maybe even your own business. This flexible lifestyle requires flexible planning strategies that can adapt as your income and goals evolve.
Nearly 78% of Americans say inflation has made achieving their financial goals significantly harder. When money feels tight and the future feels uncertain, having a documented plan becomes even more critical.
You’re Redefining What “Legacy” Means
Your generation isn’t just focused on accumulating wealth to pass down. You care about social impact, personal values, and making sure your digital presence is handled properly after you’re gone. Estate planning has evolved to include these modern priorities, and that makes it feel more relevant to your actual life.
Your Family Structure Is Different
Nearly 1 in 4 millennials prefer non-family members as executors: choosing trusted friends or professionals over relatives. This shift reflects changing family dynamics and means you need formal documentation to ensure your wishes are respected, not assumed.
The 7 Biggest Mistakes Millennials Make With Estate Planning
Now, here’s where things get tricky. While I’m thrilled to see more millennials taking action, I’m also seeing some patterns that could cause serious problems down the road.
Mistake #1: Assuming You’re Too Young or Don’t Own Enough
“I’m only 32, and I rent my apartment. What’s there to plan for?”
This is the most dangerous assumption I hear. Estate planning isn’t just about distributing millions of dollars. It’s about protecting the people you love and ensuring your wishes are followed if something happens to you.
Even if you don’t own a home, you likely have:
- Retirement accounts with beneficiaries
- Life insurance through work
- Personal belongings with sentimental value
- Strong opinions about your medical care
- People (or pets) who depend on you
Without proper planning, your family could face months of legal hassles just to access these “small” assets.
Mistake #2: Forgetting About Your Digital Life
Your generation has more digital assets than any before you: social media accounts, online businesses, cryptocurrency, cloud storage filled with photos, and subscription services that auto-renew.
What happens to your Instagram account when you die? Who has access to your Dropbox with years of family photos? If you run an online business, how will your family shut it down or transfer it?
Most estate plans I review completely ignore digital assets, leaving families locked out of important accounts and memories.
Mistake #3: DIY Planning Without Professional Guidance
Look, I get it. You’re used to figuring things out online, and legal fees feel expensive. But estate planning documents you find on LegalZoom or other websites often create more problems than they solve.
These generic forms don’t account for California’s specific laws, your unique family situation, or how your different documents work together. I’ve seen families spend thousands more in court fixing DIY mistakes than they would have spent on proper planning upfront.
Mistake #4: Not Updating Your Beneficiaries
This one breaks my heart because it’s so easy to fix. Your 401(k), life insurance, and IRA beneficiaries override whatever your will says. If you listed your ex-boyfriend from college as your beneficiary six years ago and never updated it, guess who gets that money?
Life changes fast in your 30s and 40s. Marriage, divorce, kids, falling out with family members: all of these require beneficiary updates that take five minutes but are forgotten for years.
Mistake #5: Ignoring Guardianship Planning (If You Have Kids)
If you’re a parent, this is the most important decision you’ll make in your estate plan. Without legal guardianship designations, a judge will decide who raises your children if something happens to you and your partner.
The court doesn’t know that your sister is amazing with kids or that your parents are too old to handle a toddler. They don’t know about family drama or why certain relatives shouldn’t be around your children. They just know what the law says, and the law doesn’t always pick who you’d choose.
Mistake #6: Not Having Incapacity Plans
Estate planning isn’t just about death: it’s about what happens if you’re alive but can’t make decisions for yourself. Without power of attorney documents, your family can’t access your accounts, pay your bills, or make medical decisions if you’re in an accident or become seriously ill.
I’ve seen young families spend months in court trying to get basic authority to manage their spouse’s affairs because they thought power of attorney was something only elderly people needed.
Mistake #7: Keeping Your Plans Secret
Your beautifully crafted estate plan doesn’t help anyone if nobody knows it exists or where to find it. Your family needs to know:
- Where your important documents are stored
- Who your key contacts are (attorney, financial advisor, insurance agent)
- Your basic wishes and values
- How to access your digital accounts
This doesn’t mean sharing every detail, but it means having conversations about what matters to you and ensuring someone you trust knows where to find your plans.
The Good News: These Mistakes Are Easy to Fix
Here’s what I want you to understand: every single one of these mistakes is completely avoidable with the right guidance and a little bit of planning.
You don’t need to be wealthy, old, or facing a crisis to benefit from proper estate planning. You just need to care about the people in your life and want to make things easier for them if something happens to you.
Your Next Step
If you’re ready to join the growing number of millennials who are taking control of their future, don’t let another month go by without proper planning. The peace of mind you’ll feel: and the protection you’ll give your loved ones: is worth far more than the time and money you’ll invest.
Your generation is already changing how we think about work, family, and success. Now you’re changing how we think about legacy and responsibility too. But make sure you’re doing it right.
Ready to create an estate plan that actually fits your modern life? Call 855-965-3666 or schedule a free 15-minute consultation at https://personallegacylawyer.as.me/schedule/6d7ffe2d. Let’s make sure your plan protects what matters most to you: without the common mistakes that could derail your good intentions.
Visit personallegacylawyer.com to learn more about how we help millennials create comprehensive, modern estate plans that grow with their changing lives.
