Estate Planning for Millennials

Why you need a plan for your private student loans, digital assets, retirement accounts, or the property you own.

Many millennials think that estate planning is just for the rich and famous—or at least the old and the wealthy. But today’s reality paints a very different picture. Millennials, now largely in their 30s and early 40s, are more likely than previous generations to carry significant student loan debt, own property, run side businesses, and have retirement accounts or investment portfolios. You might also be managing cryptocurrency or maintaining a robust online presence—all of which adds new layers to the estate planning process.

It’s time to redefine what estate planning means for this generation. Here are a few key questions to help you start thinking about how to protect what matters most.

Who will inherit your home and other assets?

If you are a homeowner, have collected valuable assets like collector’s items or jewelry, or built up investment accounts—including 401(k)s, IRAs, or crypto wallets—it's essential to plan how these assets will be distributed. Without an estate plan, the determination of who gets what could be decided in probate court, a longer, costlier alternative that is out of your control. 

Business owners should also consider succession planning. Who will run your business or manage your freelance contracts if something happens to you? These are important questions that your estate plan can answer clearly and legally.

What will happen to your debt and digital footprint?

Private student loans, mortgages, and personal loans typically don’t disappear when you die. Some may become the responsibility of co-signers or your estate. Planning ahead means making sure your executor understands your liabilities and how they’ll be handled, potentially with the help of a life insurance policy. In addition, you should name an executor to determine how these creditors will be paid, and how to keep your family and loved ones unaffected by the debt that was left behind.

And let’s not forget digital assets. From social media accounts to cloud storage, email, and crypto, your digital footprint needs attention. An estate plan can specify who gets access to your online accounts and how you'd like them managed or closed.

Who will make your decisions if you can’t? 

Estate planning isn’t just about what happens after you pass away. It also ensures your wishes are honored if you’re ever incapacitated. A living will outlines your preferences for medical treatment, while a health care power of attorney designates someone to make decisions on your behalf. It documents end-of-life treatment so your loved ones and doctors don’t have to make any uninformed decisions about your health or treatment. 

You should also appoint a financial power of attorney to handle financial matters if you're unable to. These roles prevent confusion during an already stressful time for your loved ones and ensure decisions are made according to your values.

Need help understanding who these people are and what they do? 

Check out our guide: Who’s Who in a Will

It’s not just about wealth—it’s about peace of mind.

Whether you're single, married, child-free, or raising a family, a clear estate plan gives you control, protects your assets, and spares your loved ones unnecessary hardship. And with the right guidance, it’s easier than you think.

At Anselmo & Wojcicki, we make estate planning practical and personal. Whether you’re getting started or updating your documents, we’re here to help you take the next step.

Contact us today to schedule a consultation.

About Anselmo & Wojcicki, LLP

Anselmo & Wojcicki, LLP is a multi-disciplinary law practice based in Schaumburg, Illinois, specializing in real estate, estate planning, tax planning, business formation, and the sale and purchase of businesses. Our commitment to our clients and our values set us apart from the crowd. Our team of legal specialists has a wealth of experience and expertise to help you meet your legal needs. We are dedicated to providing quality service and building lasting relationships with our clients.