Six inheritance planning tips for younger generations

Most people believe that inheritance planning is a process that applies to older, usually wealthy people who are approaching retirement or have health issues. This common misconception leads many to think that there is a generational difference when it comes to inheritance planning - the assumption is that the young and healthy are not actively taking steps to protect their money and assets for the future.

The reality, however, is very different from these misconceptions. Inheritance planning is increasingly on the minds of younger generations. Their special qualities, including technological responsiveness, pragmatic financial perceptions, entrepreneurial spirit and humanitarian impulses, effectively''positioning them for early attempts at legacy organization. According to a report from Trust & Will, 78% of millennials emphasize the importance of building multifamily wealth, a sentiment shared by only 45% of older generations.

While inheritance planning at a young age may seem like a daunting task, it doesn't have to be.

• Start with a basic will. Creating a will is a fundamental step in estate planning, determining how assets and property should be distributed after you're gone.
• Nominate a fiduciary and make medical directives. A fiduciary and medical directives are''Fundamental documents that provide your preferences in the event of your incapacity.
• Think about guardianship. Thinking about guardianship is a fundamental part of inheritance planning for those who have children or are planning to start a family.
• Explore a living trust. Living trusts offer a more strategic way to manage your assets and are a proactive step to help your surviving loved ones maintain control after you are gone.
• Don't forget about your 'digital legacy'. Younger generations are not only starting to save and invest at an earlier age, but they are also pioneering the inclusion of''Digital assets in inheritance planning.
• Get professional advice and make changes. In most cases, inheritance planning is not a simple matter, especially for young people.

The shift towards young people starting inheritance planning early is a positive step towards financial security and legacy. While younger generations are taking inheritance planning seriously, the emphasis is on early start, awareness and professional support for successful inheritance planning.

Investment advisory services are offered by Mazars USA Wealth Advisors LLC, an SEC registered investment advisor in the state of New York. Securities''offered by APW Capital, Inc. to FINRA/SIPC member, 100 Enterprise Drive, Suite 504, Rockaway, NJ 07866 (800) 637-3211 to FINRA/SIPC member. Mazars USA Wealth Advisors LLC is a separate legal entity, separate from APW Capital, Inc.