When you’re young, the thought of dying is far from your mind.
In fact, most millennials tend to believe that they’re somehow invincible; that all those stories of people who’ve tragically died young could never in a million years happen to them.
With a thought process like that, the idea of formulating a will never crosses most millennials’ minds.
Furthermore, those who don’t have a high-paying job or own a house might think they don’t have much to pass on or worry about.
However, this couldn’t be further from the truth.
In fact, you’d be surprised to find that you have many more valuable items than you think.
Regardless of whether or not you think you need a will, here are five reasons millennials can’t afford to go without one.
1. The Travel Bug
Millennials have undoubtedly taken a less-traditional route in life compared to their Baby Boomer and Generation X counterparts. Many are getting married and having kids at an older age, which means, apart from the necessary expenses, they also tend to have a longer period in life with more disposable income.
Instead of spending that money on things, millennials are all about the experiences and traveling the world. From skydiving and bungie jumping to backpacking through Asia or South America, adventure is the goal. However, with that adventure also comes danger.
If you’re in a new city, you open yourself up to risk, and many of those wonderfully adventurous activities could leave you seriously injured or killed. If you’re willing to sign a waiver when participating in certain activities, then you should be just as willing to create a will before taking the plunge as well.
2. Your Faithful Companion
With marriage on the back-burner for many millennials, the logical next step is to get a pet. Millennials, more than any other generation, are all about their furry friends. However, have you ever thought about what would happen to your pet if something happened to you?
You probably have certain care instructions regarding your pet, and without a will you can only hope that someone takes as good of care for your pet as you would. Furthermore, while you might view your pet as family, the law does not. The law sees pets as another piece of property, so unless you’ve designated a care taker for your loving companion, it’s likely they’ll end up displaced in a shelter.
3. Personal Valuables
Everyone has possessions that mean a great deal to them; some even have monetary value. You probably don’t want your prized possessions ending up in junk yards or in the First Fidelity Reserve pawn shop, which is why you need a will.
Whether it’s your car, vintage record collection, or even your personal library, you no doubt want your favorite things to go to someone who would appreciate and respect them as much as you did. Think about anything you have that’s irreplaceable or cost you chunk of change, as those are all items you should list in your will.Think you don't need a will because you're too young? Think again! Click To Tweet
4. Family Heirlooms
If you’ve received an inheritance of any kind, either a sum of money, a trust, or family heirlooms that have been passed down to you, a will is an absolute must, it will definitely prevent any inheritance disputes that might occur. Without a will, deciding who will receive your money or valuables can be a complete mess, and is usually an extremely slow process. Save your surviving family members a headache by creating a will and designating what exactly goes to who.
Again, maybe you have a family heirloom that meant a lot to you – you’ll want to make sure that goes to someone who won’t just toss it or sell it. Furthermore, if you’ve ever wanted your money to be donated to a charity of your choice, a will is the only way to ensure that that will be the case; otherwise, it could end up in the wrong hands.
5. Your Digital Property
Millennials have grown up in the digital age. You’ve used computers since you started school and have been a pioneer in the era of social media. Millennials are the babies of the internet, which means you probably possess every digital account there is from Facebook to Pinterest to LinkedIn.
However, did you know that sites like Twitter and Facebook aren’t required by law to delete someone’s account when they die?
In fact, if your loved ones try to go about this for you, they often endure a long process that requires them to provide proof of death before a company will even think about giving them control. Assuming you’ll want to have those accounts deleted when you die, you should decide now what you want to happen to your online profiles.
Choose a tech-familiar friend or family member and leave an inventory of your accounts, usernames and passwords with them to ensure your online identity is safe and secure upon your passing.
No one wants to think about themselves dying, especially when you’re in your 20s and 30s. Let’s be honest, it’s a morose topic and in a world that’s often filled with sadness and negativity, it can be the last thing you want to think about. Unfortunately, until science comes up with a way to make us immortal, we aren’t.
Everyone will pass on someday and when they do, it’s important that their affairs are in order. Whether you have certain wishes for your funeral or body, or if you know you have valuable and priceless possessions that you want to pass on to your loved ones, you need a will.
Don’t put your will on the back-burner; acknowledge the inevitable and plan for your future. Not only does it prevent difficulties for your surviving loved ones, but it is the only surefire way to know that all your wishes and requests are filled.
Have you created a will? If so, what are some if the things you included? If you haven’t created a will, what’s stopping you?