As the largest generation in the workforce, millennials are often seen as the future of our society. With the rise of technology and the constant change in the job market, this generation needs to plan and protect their assets. One of the most important ways to do this is by creating a will. While many millennials may not see the need for a will at their age, there are several reasons why they need to have one.
From protecting their digital assets to ensuring their wishes are carried out, creating a will is a crucial step in securing their future. In this article, we will examine the reasons why millennials should make wills and the benefits of doing so.
One of the main reasons why millennials should create a will is to ensure that their property is distributed according to their wishes. This includes not just physical assets, but also digital assets such as social media accounts and online bank accounts. Without a will, the state will decide who gets these assets, which may not align with the millennial’s wishes.
Another important reason for millennials to create a will is to designate a guardian for their children in the event of their death. This is especially important for millennials who have young children, as it ensures that their children will be taken care of by someone they trust.
Creating a will can also help millennials avoid probate, which is the legal process of distributing a person’s assets after their death. Probate can be a lengthy and costly process, and having a will can help expedite the process and save money.
Peace of Mind
Creating a will can provide millennials with peace of mind knowing that their wishes will be carried out after their death. It can also help ease the burden on their loved ones during an already difficult time.
Custody of Children
For millennials who have children, creating a will can help ensure that their wishes for the custody and care of their children are taken into consideration. Without a will, a court will have to make these decisions, which may not align with the parent’s wishes.
Distribution of Assets
A will allows millennials to specify how they want their assets to be distributed after their death. This can include property, bank accounts, investments, and personal belongings. Without a will, state laws dictate how assets are distributed, which may not align with the person’s wishes.
Millennials often have a significant amount of digital assets, such as social media accounts, online banking, and digital photos. A will can include instructions on how to manage and distribute these assets after death. Without a will, it can be difficult for loved ones to access or manage these digital assets.
Many millennials are passionate about supporting charitable causes. A will can include instructions for making donations to charities or non-profit organizations after death. This can ensure that a person’s values and beliefs continue to be supported after their passing.
Avoiding Family Conflicts
Creating a will can help avoid family conflicts and disagreements over inheritance and asset distribution. By clearly outlining a person’s wishes, a will can prevent misunderstandings and disputes among family members.
A will can also be used for tax planning purposes, such as minimizing estate taxes. By working with a financial advisor or estate planning attorney, millennials can create a will that helps reduce the tax burden on their estate and heirs.
Creating a will is a crucial step for millennials who want to ensure their wishes are carried out after their passing. Whether it’s for the care of children, distribution of assets, digital assets, charitable contributions, avoiding family conflicts, or tax planning, a will can provide peace of mind and protect a person’s legacy.
If you need help or advice on how to write a will, contact Ontario Wills. Get quality legal advice from Ontario lawyers and help in writing your will today.