Arranging a Will: When Should a Millennial Think About It?
The millennial generation is a group of individuals who reached young adulthood around the turn of the millennium, so these adults are generally in their 30s now. Many have children and a home, or they are thinking about moving forward with these significant life milestones soon. One of the common questions that millennials ask is when they need to sit down with a lawyer and formally draft a will. There are a few points to think about when making this decision.
If You Have Children
Regardless of your financial status, if you have kids, you need to have a will. This is because the will generally will dictate who will have custody of the children if you pass away, and it may keep them out of an orphanage or the welfare system. Furthermore, it also will funnel assets that you have to a named caregiver for your kids or to the kids themselves. This ensures that they will be well taken care of after you have passed away.
If You Have Assets
By now, many millennials have at least some assets to their name, such as furnishings, a home, a car, or something else. Many also have retirement accounts and other financial assets. If you have assets, you want to ensure that they are divided up in line with what you specify, rather than sent through probate and fought over by your family members.
In the UK for example, only three in ten people have a will. This is surprisingly few people, and the UK Treasury actually made £53 million from people who died intestate – that is, without a will. Regardless of how much your assets are worth, it’s crucial that you have a will in place to prevent your money being lost.
When to Create a Will
Very few people these days pass away in their 30s, so you may think that you have plenty of time to create a will. In fact, it may not be something that you plan to prepare until you are in the 50s or even older. However, while it may be unlikely that you will pass away in the near future, you cannot predict the actual date. Keep in mind that accidents and illnesses can and do occur, and they can impact your life severely. Therefore, the best time to create a will if you have assets or children is now.
Creating a will is relatively easy to do when you work with an attorney. You initially will create some notes regarding the care of your children as well as the division of your assets upon your death, and you will hand these notes to your attorney. Your attorney will also have some additional questions for you so that the will can be properly prepared. The entire process may seem complicated, but it can actually be rather straightforward and simple.