The term “millennial” may have some negative connotations - shoot 51% of folks that fall into the category do not like to be labeled as such – but they have championed some of the biggest changes in some of the most traditional industries.
Specifically, millennials are changing the way law firms do business.
While I fall within the early years of the generational demographic of a “millennial” or “Gen Y” (those born between the early 1980s and mid-1990s, respectively), my husband does not. (Sorry for calling you out, Mark!) There are real differences in the way he and I do things that I largely attribute to this distinction.
My husband grew up without the freakin’ Internet or cell phones for crying out loud!
While the full blown “available as fast as you care to Google it” access to information became prevalent during my college years, I admit that I expect information quickly. I also rely (albeit responsibly!) on the Internet for a large percentage of the information I seek.
There is a wealth of information regarding estate planning available online and even more online companies that provide boilerplate forms for a fixed fee.
For brick-and-mortar estate planning law firms, this has resulted in a shift in what they must offer clients. The traditional, billable hour firm is fading as more and more consumers demand flexibility, speed, and proficiency – and in words they can actually understand.
At My Pink Lawyer®, we offer flat fees for all of our services. We hold estate planning consultations either in our office or via video conference with clients anywhere in the State of Florida. During your consultation, we will identify your particular needs and structure a plan for a flat fee. No boilerplate forms here.
With higher student debt than any generation before us, fresh careers, and an overarching sense of immortality, we millennials may feel as if we do not yet require estate planning. However, many of our young clients are surprised at the number of assets they actually have.
You may be surprised to learn that federal student debt may be discharged at the time of death. While private student debt may or may not follow the same rules, once student debt has been discharged, you are working with substantially more assets.
Other assets that our clients sometimes fail to consider include:
- Retirement accounts
- Life insurance policies
- Real estate, vehicles, boats, jewelry, electronics and home furnishings
- Family memorabilia
- Digital assets
There are simple yet effective steps you can take to protect what assets you do have and to ensure that they are ultimately disbursed according to your wishes in the event of your death.
Millennials might sometimes get a bad rap, but if there is one thing we do right, it is challenging the status quo. Schedule a consultation with us to experience first-hand what makes our firm different in all the right ways.
Amanda "Millennial Proud" Lynch Elliott