Millennials often don’t feel the need to get their estate planning documents done because they don’t yet have much to leave behind. But it’s important that they start preparing now, before something happens. Here are just four of the top occasions that trigger a sense of urgency and make Millennials feel like they should get started.
When asked the reasons why they consider this, 34% of respondents said they had a child, 9% cited buying a home, 8% said they had an income or net worth increase, and 11% were prompted by the death of someone in the family.
You’ve made some big moves in your life recently. Here are more reasons why you should finish your estate planning documents as soon as possible.
Parents - Don’t let the court decide what happens to your children
If you don’t create a Will, the court will decide who gets your kids. Not everyone wants to trust their children under the care of the second parent or another relative. By not making a Will, you lose control over something very important to you as a parent. It’s best if you think through who would take care of your kids and put them in your Will.
Also, similar to this, people love their pets and want to make sure they are taken care of as well. Don’t forget to include provisions for your furry friends in these documents.
Secure your digital assets
Millennials are joining the crypto-craze and investing in digital assets like NFT’s, Bitcoin and others. These assets are important and should be accounted for in your estate planning documents too.
To make sure you have the assets you have acquired in crypto will be distributed to your loved ones the way you want them to, it is important that you name a Digital Executor. According to a report, too many people forget to add these assets in their Will, but it is so important. This is why Myend has created an easy-to-use Vault to store all your digital assets with instructions to the beneficiary of each asset.
Decide who will make health decisions for you
When you’re young and healthy, it can be hard to imagine a world where someone needs to make medical decisions for you. You may not have faced that reality yet. But if you haven’t already, you should plan ahead. According to the latest research, only 40% of Millennials have finalized their health care directives.
You should make a Will. This isn’t fun to think about, but I promise that having one done is far better than not having one done. It gives you control over your own destiny, and it prevents your loved ones from going through the stress and responsibility of making important medical decisions for you if you can’t make them yourself.
Choose someone you trust to handle your financial affairs
If you become ill, who will take care of your mortgage, bills, and financial matters? The person you choose to take on this responsibility is called your Power of Attorney. This person can be a family member, or a friend – someone you trust to have power over these decisions. The sooner you do this, the better.
Planning your end-of-life care is an important decision
It’s a sad topic, but one that many people have opinions on. You can decide how much or how little medical intervention you want at the end of your life. Do you want to be kept alive on machines? What do you want to happen with your organs? And what do you want your funeral to be like? Do you want to be cremated or have a burial?
The decisions you make about what gets done with your body, your money, and your life are ultimately up to you. No one else should be making those decisions for you, especially not the courts.
Update or create your estate plan
When you get older, your life changes – and so should your estate planning documents. You may have children, get divorced, remarry, or a number of other things that would require you to update these documents. Make sure to review them every few years to make sure they’re still accurate and up-to-date.
Estate Planning isn’t everyone’s favorite topic, but it is a necessary one, especially if you are young, healthy and have (close to) no assets yet. So if you’ve been putting off creating or updating your Estate Plan, be sure to prioritize it. After all, your Estate Plan is only as good as the last time you updated it. So take the time to review and update your documents today to ensure that they reflect your current wishes. It could be the best thing you ever do for yourself and your loved ones.
Luckily, you can quickly and seamlessly update your details and directives after you make a Myend account. Simply access the directive panel and edit whatever you wish to change so it better reflects your new preferences.