Tired of Zillow Porn? Estate Planning Could Be the Key to Actually Buying Your Dream Home…
By: Nicole Schaefer
Tags: Millennials, Wills And Trusts, Saving Money, Real Estate, Estate Planning

Tired of Zillow Porn? Estate Planning Could Be the Key to Actually Buying Your Dream Home… Nicole Schaefer Aug 15, 2019·3 min read

I get it. As a 34 year-old “millennial”, it feels like I might never get to experience the American Dream in the same way my parents did. Things just cost more now. The prices to rent an apartment in Portland make my hair turn grey. However, I have another identity, separate from my avocado-eating millennial one. An identity that actually helps me plan for my future and makes the possibility of someday buying a house seem more like a “when” than an “if.”

What is that other identity? I’m an Estate Planning and Creative Business attorney. Lately I have been thinking a lot- about my friends and what their lives are like. I’ve been thinking about why people my age are not interested in Estate Planning. Most of them have told me they associate it with old people, rich people, or both. I completely understand that because those are the demographics that are usually targeted by Estate Planning attorneys. My friends also say they don’t actually have an “estate.” I also get that. Then it hit me. What if I could make Estate Planning relevant to people my age? After all, I can’t be the only one browsing Zillow for two hours each day and drooling. We all want the same thing- to feel successful and to feel like we have a piece of the proverbial pie.

So how can Estate Planning help millennials buy a house? What does one have to do to feel financially secure in this day and age? First, let me start with the basics.

Estate Planning refers to the act of creating documents related to one’s estate. Now, estate does not mean what it sounds like. Estate does not refer to a large manor house or even an after-death sale of your stuff. Estate simply means everything you own. Your car. Your bank accounts. Your retirement accounts. Your signed Weird Al picture (that’s actually priceless, but whatever). So really, we all have estates. All of us.

Why do people even bother with Estate Planning? Well, not only is it a great way to feel secure and to make sure your favorite cousin gets your Playstation, it’s also the only real way to stay out of Probate. Probate is what happens if you have no plan. It’s the state’s plan for you. And it sucks. It’s a lawsuit against yourself after you die using your money. Everyone should avoid probate at all costs. Additionally, if you have even a simple plan, you can save your family tons of time and money trying to sort out your estate if something should happen to you.

Okay, so what are these documents that make up Estate Planning? I’m sure you’ve heard of a Will or a Trust. Or wills and trusts. Those are the documents. I’m not even going to talk about wills because they WILL NOT keep you out of probate. The only thing that will keep you out of probate is a trust. A trust is simply an agreement between the trustor (or grantor) and a trustee and a beneficiary. During your lifetime, you are all three. Honestly, I could write a whole different article about trusts, but that’s not why you’re here.

Let’s cut to the chase. How can a trust help you stop scrolling real estate sites like a strange addict? Here’s how:

A trust can protect your assets from creditors and lawsuits. This means you know that your money is completely safe in the event that you are sued or owe someone money. A trust/estate plan can help you protect your business. This can help you if you don’t have a buy-sell agreement in place and will help the business keep it’s value. A trust forces you to organize your assets and figure out how much money you actually have. Maybe a down payment isn’t out of the question. Estate Planning encourages you to save money. Just being aware of your money can motivate you to squirrel some away.

Basically, anything where you can stick assets away and not worry about them is going to be helpful for your future. But having a trust can help you save your money more effectively and protect it, thereby helping you do the things you want to do the most, like buy a house.