Welcome to Adulthood, Gen Z!!!
Hey Gen Z, welcome to the big leagues! It feels like yesterday we were chasing each other on the playground. Now we’re in our 20s, figuring out what comes next. Do I go to college? Do I get married? Or do I stay at my parents’ house, avoiding responsibility?
Most of us aren’t thinking much about estate planning. We tend to wing it, hoping things just work out.
But here’s the truth—we need to start now. Life isn’t guaranteed. Whether you plan years ahead or live day to day, everything could change tomorrow. Your family could be left deciding what to do with your “vintage” Wii or the savings you tucked away.
Estate Planning… What is it? And should I care if I’m only in my 20s?!
If you’re here, you may be wondering: What exactly is estate planning?
According to Investopedia, estate planning is “the preparation of tasks (and documents) that serve to manage an individual’s asset base in the event of their incapacitation or death, including the bequest of assets to heirs and the settlement of estate taxes”.
In short, it’s how you protect yourself and your stuff when you can’t make decisions—or after you’re gone.
Key documents include wills, trusts, and healthcare directives. For young adults with fewer assets, a will-based plan is often the first step. As you build wealth, a revocable living trust may make sense. It helps avoid probate and confusion later. We’ll cover that more in future posts.
Read more about Wills vs. Trusts…
Later on, as you start to build more wealth, a Revocable Living Trust-based estate plan may be recommended. It protects most people from probate down the line and any sort of confusion post-death – but we’ll cover this later on in the series.
Why should I care? I’m only 22!
Your Assets (and Debts)
Even without millions, you still have assets—bank accounts, cars, or even an inherited IRA. You need to give someone authority to handle these.
Debt matters too. Student loans often die with you, but not all debt does. Make sure your loved ones know what they’re responsible for—and what they aren’t.
Digital Assets + Social Media
Your digital life matters. Protect your social media, crypto, and online accounts. Choose someone you trust to manage them if you can’t.
Pet Caretakers
Many of us don’t have kids yet—but we do have pets. Make sure your fur babies are cared for if something happens to you.
Health Emergencies
Don’t leave your family guessing about medical choices. Clearly state your wishes for care and lifesaving measures in an Advanced Health Care Directive.
Start Planning Today!
We can’t hide in our parents’ basements forever. Our assets may be small now, but they’re still worth protecting. Estate planning ensures your money, pets, and digital life go where you want.
You wouldn’t want your little brother ending up with money you meant for someone else, right?
Your parents aren’t scheduling your doctor’s visits anymore (right?!). Don’t make them figure out your final wishes either. Decide now what you want—and put it in writing, Gen Z!
Author: Mya Skowronski – Law Clerk, Phillips Ballenger Photo by: Becky DeCoite