Although placed under much scrutiny and debate, the millennial generation has undoubtedly left its mark across the world by creating entirely new markets and changing long-standing trends in favor of more independent life approaches.
Although we tend to think of Millennials as a young generation, the fact is that many are between the ages of 30 to 40, and most have children and dependents.
Even though Millennials may think that they do not have enough assets to require a Will – this is a huge misconception. Today we’re breaking down 3 key reasons why Millennials need a Will.
Here are three reasons why:
1. Small-Scale Assets:
Millennials own a lot of digital devices and other such small-scale assets that collectively form a considerable estate. Other assets to consider include vehicles or boats and equipment such as skis and snowboards, which you may want to leave to a specific person or form part of the overall estate.
2. The rise in Home Ownership:
Millennials have tapped into the property market at a considerable scale, and most are homeowners in their mid-30's. When you buy a home, it is crucial to consider what might happen should you pass away. Having a Will ensures the process of debts, payments, and distribution is streamlined and administered by a chosen Executor.
3. Cohabitation and Disputes:
The rise of cohabitation can be linked to many millennials choosing to marry later on in life (or not at all), leading to issues and disputes. If a person dies without a Will, their estate is generally divided amongst their family, meaning that partners or other loved ones are often excluded.
The definition of an estate has evolved considerably, and a quick evaluation of your assets will lead you to appreciate their collective value. Writing a legally binding Will is a crucial step in planning for your future – no matter your age!
Disclaimer: The content of this blog is intended to provide a general guide to the subject matter. This blog should not be relied upon as legal, financial, accounting or tax advice