September 15th, 2020
I’m young. Do I need to write a will?
A will is a fairly simple document setting forth how you want your assets to be distributed and minor children to be cared for in the event you pass away. In your 20s and 30s, the last thing on your mind is probably any sort of estate planning or will. This type of planning is not enjoyable or fun by any means, although it is very important to start thinking about.
Ideas, beliefs, and lifestyles tend to shift/evolve from generation to generation.
This especially holds true for millennials.
Statistically speaking, more millennials are co-inhabiting with a partner without getting married, which contrasts with marriage patterns among prior generations. Even further, many millennials co-parent/have children together outside of the confines of marriage. These personal lifestyles affect how you construct your estate plan. For example, if you and your partner decide to stay together without getting legally married, then you may want to make specific arrangements to include them in your will. Then even further than that, if you decide to raise kids together, you will want to establish terms of legal guardianship and subsequently future estate plans with the kids in mind.
Creating and refining an estate plan as you make these big life decisions is so important and can prove invaluable for your loved ones. You should think about who will possess financial and custodial guardianship of your children in the event of your death. Listing guardians for your children in your estate plan is so important for their well-being, especially if your children are minors.
Not to mention, establishing a solid estate plan will drastically reduce potential family drama.
Another big difference between millennials and generations prior is their digital footprint. Technology has revolutionized the way most people do things and has especially impacted millennials at work and in daily life. This means quite a bit of banking, financial transactions, and communication is performed with the click of some buttons on cell phones or computers. When drafting an estate plan, your social media accounts may not be the first thing to come to mind. However, things like social media accounts, online bank accounts, etc. should all be considered as they are personal property and may carry significant value.
We advise consulting an attorney to create an estate plan with the aforementioned things in mind.
Doing so will bring you and your loved ones peace of mind knowing your ducks are in a row.