Why Millennials Must Talk to Their Parents About Estate Planning Now
Estate planning is a topic many Millennials avoid discussing with their parents. Yet failing to have these conversations can create confusion, family disputes, and expensive legal problems down the line. As part of a five-part blog series, an estate planning attorney highlights why these talks should be a priority—and how to start them. The first conversation Millennials should have with their parents is about wills and trusts. A will sets out how assets will be distributed after death but must go through probate, a court process that can be time-consuming. A trust, however, allows assets to be managed and transferred without probate, offering more privacy and control.
In Germany, a handwritten will (eigenhändiges Testament) must be entirely in the testator's handwriting, dated, and signed under BGB §§ 2247 ff. A notarised will is recorded by a notary and automatically filed with the probate court. If a will is found, it must be reported to the probate court immediately.
Another key document is a power of attorney (Vorsorgevollmacht), which can be handwritten or notarised. For official registration in the central wills register (zentrales Vorsorgeregister), notarisation is recommended. Standard forms are available online, making the process more accessible.
Many Millennials assume their parents already have an estate plan in place. But the reality is often different. Without these discussions, adult children may later struggle to uncover their parents' wishes during an already difficult time. Regular updates to estate plans are also crucial, especially after major life changes like marriages, divorces, or new assets.
Starting the conversation doesn't have to be complicated. A simple question—"Do you have a will or trust set up?"—can open the door to a much-needed discussion. Estate planning conversations help prevent future stress and legal complications. The author provides resources for readers who want to learn more, emphasising that taking action now can save families time, money, and emotional strain later. Without these talks, important decisions may be left to chance—or to the courts.
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