Many millennials may not yet see the urgency in estate planning, believing it’s only for older or wealthier generations. However, with millennials poised to inherit over $1 trillion from Baby Boomer parents by 2026, the largest wealth transfer in Canadian history, having a Will is not just wise—it’s essential. Here’s eight reasons why creating a Will is crucial for millennials.

#1 – Control Over Your Digital Legacy

As the first generation to grow up fully immersed in digital technology, millennials have a significant digital footprint. From social media accounts to cryptocurrency and digital media rights, these assets necessitate careful management after one’s death, which can be specified in a Will.

#2 – Simplifying Asset Distribution

You might not yet own real estate or have a large stock portfolio, but even modest assets like a car, electronics, or even a small savings account should be intentionally distributed. A Will ensures that your assets go exactly where you want them—be it to friends, family, or charity—avoiding potential disputes and the intestacy process, which can be lengthy and stressful.

#3 – Protecting Unmarried Partners

With more millennials choosing cohabitation over marriage, many do not realize that their partners may not automatically inherit anything without a Will. A Will can secure your partner’s financial future, reflecting your commitment in legal terms.

#4 – Providing for Pets

Many millennials consider their pets as family. A Will allows you to appoint a caretaker for your pets and ensure they are well cared for financially, giving you peace of mind that they will continue to receive love and care after you’re gone.

#5 – Facilitating Small Business Concerns

Millennials are also entrepreneurs, with many owning small businesses or startups. A Will can address business succession and continuation plans, crucial for the sustainability of your business interests.

#6 – Avoiding Family Disputes

Clear instructions via a Will can prevent potential familial conflicts over your assets, preserving relationships and ensuring that your wishes are respected without ambiguity or legal complications.

#7 – Ensuring Financial Security for Young Children

For millennial parents, a Will is indispensable for appointing guardians for minor children, making legal arrangements for their care instead of leaving such critical decisions to the courts.

#8 – Contributing to Causes You Care About

Reflecting their values, many millennials are deeply committed to social and environmental causes. A Will can include provisions for donations, ensuring support for cherished organizations continues.

The Value of Professional Legal Advice

While online tools can be tempting for their convenience and cost, the complex nature of legal documents like Wills means that professional advice is invaluable. A qualified lawyer can ensure that your Will complies with local laws and truly reflects your wishes without any ambiguities that could lead to disputes or challenges. Lawyers can also provide strategic advice on minimizing estate taxes and navigating more complex scenarios that might not be adequately addressed by generic online solutions.

Peace of Mind

Ultimately, the peace of mind that comes with having a well-crafted Will, prepared under the guidance of a lawyer, is invaluable. It ensures that your wishes are clearly understood and legally sound, safeguarding your legacy and providing security for those you care about.

Conclusion

For millennials, making a Will is a powerful step in managing your future financial and personal legacy. Given the significant wealth transfer on the horizon and the unique assets and relationships to consider, consulting with a lawyer to create a comprehensive estate plan is not just a good idea—it’s essential for ensuring that your assets, digital and otherwise, are properly managed and protected.