A Quick Guide to Estate Planning and Wills for Millennials
The need for Millennials to have a will or estate planning is greater than ever. It’s not the first topic that jumps out in a family discussion, but successful planning leads to a smoother transition for your loved ones during difficult times. Estate planning and wills for Millennials doesn’t need to be a difficult thing to discuss. It certainly shouldn’t be dismissed at the idea that you don’t own anything. In fact, Millennials own more than they think.
Today’s Millennials range in age from 25 to 38. They’ve moved into a stage of their lives where they have children, own homes, and may have even started a business. All of this and more should be addressed in a will. Having these documents prepared takes the guesswork out of last wishes for family left behind and makes sure they are taken care of after a loved one is gone.
5 Reasons Every Millennial Needs to Have a Will
1. Protect Unmarried Partner or Cohabitant
Many Millennials are choosing to get married later in life, but that doesn’t mean that they are not living together. You may live with a person and care for them like a spouse. It doesn’t mean you will have anything to say about their medical care or what happens to their possessions in the event of a tragedy. If you want to have your unmarried partner, or cohabitant, assist with these decisions, you must address this in your will. If you don’t, your possessions could be seized by family members or other entities you may not feel deserves them.
2. Protect Children, Dependents, and Pets
Children or other dependents need to be cared for in the event of a tragedy. Taking time to arrange your dependents’ guardians and where and how they will be cared for is all part of good estate planning for Millennials. Even your pets should have a place to go if you are no longer there to care for them. All this needs to be laid out in your will. If you don’t take the time to address these issues, your children could become stewards of the state. They also have the potential of going to the first relative who will step up and adopt them, which may not be your first choice.
3. Address and Resolve Digital Assets and Online Accounts
Just about every Millennial in America has some form of social media or digital presence. Whether it’s Facebook, Paypal, loyalty programs or email accounts, what you want to be done with them should be addressed in your will. You can designate the executor of your estate to memorialize these accounts and add or remove pictures after your death. Your digital currency and loyalty programs can also be distributed or resolved by your Executor.
4. Create or Support a Lasting Legacy
Giving to non-profits and other causes has become a high priority for a lot of Millennials. If you want to see part of your wealth donated to a cause you are passionate about, it needs to be outlined in your will.
5. Distribute Wealth or Business Assets
Most Millennials already know that their wealth will be divided in their will, but not all of them address the business they may have spent years building. Assets, such as office furniture, equipment, and phone number and email lists, can be liquidated and the funds can be distributed. It is certainly ideal when it comes to these kinds of issues to consult with a qualified estate planning attorney. That way you can make sure these assets pass smoothly to their beneficiaries. Taking the time to outline this for your heirs avoids years of litigation that could potentially drain any inheritance you intended for them to have.
LeAnn Schumann Understands the Unique Needs of Estate Planning and Wills for Millennials
Not every Millennial will need to address all these issues in their will or estate planning. The unique needs of Millennials come from the varying combination of these requirements. LeAnn Schumann is an experienced estate planning attorney that has created hundreds of wills that address the needs of Millennials. She can accurately draft documents that appoint who can make your medical decisions and ensures your assets are received by the people you want. She is available to serve the people of Reno, Sparks, Carson City, Fallon, Fernley, Dayton, Yerington, Douglas County, and all other Northern NV rural counties.