Many millennials put off writing a will because they believe they're still too young, don't own much, or think it's only for the wealthy. But a will isn't just about passing on possessions — it's about getting your wishes out there and making them legally enforceable. With milestones in life coming earlier and in less predictable ways, starting now is simpler, cheaper, and puts more of you in the driver's seat than doing it later on might.
Life events strike harder and earlier
From the 2008 global financial crisis to the COVID-19 pandemic, millennials have experienced multiple interruptions that illustrate how fast things can shift. A will ensures your belongings — whether money, online, or emotional — pass to whom or what you prefer, instead of being sorted out under default legislation of inheritance.
It's not for the rich
Estate planning experts recommend creating a will when you are 18 years old, regardless of net worth. Even minor savings, personal property, or insurance payouts need to go where you want them to go. Without a will, your estate can get bogged down in costly, time-consuming legal battles, causing loved ones undue headache.
Digital and non-traditional assets are included
Millennials hold things earlier generations never did – from cryptocurrency and NFTs to common social media accounts. A will can leave provision for who has these, guardianship plans, and cash for animals. Without guidance, such possessions are likely to go missing, get locked away, or fall into the wrong hands.
Maintaining the people who matter
If you have a spouse, by marriage or children, or dependents, then a will is essential to name guardians and set up trusts. Even if you don't have a partner, it ensures personal belongings or cash are left to friends, charities, or relatives you desire, rather than automatically under inheritance law.
Less expensive and faster to start early
Drafting your first will is normally quick, easy, and inexpensive when possessions are simple. Recreating it after you have gained property, children, or making investments is easier than starting during a time of crisis or under coercion.
Leaving a legacy with purpose
A will is a handy tool, but it's also an expression of what you value. It helps you consider what matters most to you and ensure that your legacy reflects that. By acting earlier in life instead of later, you protect loved ones from confusion and conflict, and can rest easy knowing everything is in place for the future.
FAQs
Q: I'm only in my 20s and don't own any assets. Do I truly need a will?
Yes. Even without property, you may have savings, household items, or cyber assets that you wish to distribute to specific people.
Q: Can I draw up my own will myself without an attorney?
Yes, you may do it yourself online or have one drawn up for you, but it must meet legal requirements for your state or country if it's to withstand scrutiny. An attorney can guarantee it will be enforceable.
Q: How often should I update my will?
It's safer to review it every few years or after a major life event like marriage, buying a house, or having children.
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