In your youth, the concept of mortality is typically far from your thoughts. It’s typical for young people, particularly millennials, to feel invincible, disregarding the reality of unexpected tragedies. This mindset often leaves the idea of creating a will disregarded. However, even those without considerable wealth or property should pause and reconsider; it might be surprising to discover they possess more valuable items than initially thought. Regardless of your assumed need for a will, here are five key reasons millennials should seriously consider having one.
1. THE WANDERLUST LIFE
Living an unorthodox lifestyle compared to previous generations, millennials tend to marry and start families at an older age. This allows them to enjoy a phase in life with more expendable income. Rather than amassing material things, millennials prefer spending their money on experiences and travel, from skydiving to trekking through foreign continents, embracing their adventurous spirit. However, these thrilling escapades can be fraught with risks. When visiting new places or engaging in potentially hazardous activities, it’s equally important to have a will in place before plunging into these adventures.
2. THE DEVOTED PET
As millennials delay marriage, many take the interim step of pet ownership. Millennials are renowned for their fondness of their pets, but have you contemplated what would happen to your pet in your absence? Your pet might be a beloved family member to you, but legally, pets are viewed as property. If your will doesn’t specify a guardian for your pet, they are likely to end up in a shelter.
3. CHERISHED POSSESSIONS.
Everyone holds some possessions close to their heart; some even hold significant financial value. A will prevents these objects ending up discarded or auctioned. If you have favored items, such as vintage records or your car, you’ll undoubtedly want them to inherit a caretaker who can appreciatively guard and cherish them.
4. FAMILY TREASURES.
If you have acquired any inheritance—be it money, a trust, or family relics—a will is a necessity to evade any battles over inheritance. With a properly drafted will, the allocation of your valuables and wealth can be effortlessly decided in advance. Also, if you wish any money to be donated to a charity, a will guarantees that your philanthropic intentions are fulfilled.
5. DIGITAL ASSETS.
Raised in a digital era, millennials inherently have a myriad of digital accounts ranging from Facebook to LinkedIn. However, you might be surprised that platforms like Twitter and Facebook are not legally obligated to delete an account post the account holder’s demise. To prevent a long, arduous process for your loved ones, it’s best to decide in advance the future of your online presence.
Though it may be a grim topic, there is no denial of the inevitability of death. Everyone needs to have arrangements for their final rites and valued possessions. Drafting a will is an immediate need, not only to prevent complications for your surviving kin, but also to ensure that your wishes are fulfilled.
Have you considered preparing a will? If so, what are some of the elements you included? If you don’t have a will yet, what is the reason for your hesitation?
