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.
Interested in learning more about writing your own will? Be sure to read How to Write a Will: A Complete Essential Guide to Writing Your Own Will.
It’s so important to have a will. And it’s one of those things that most of us keeping putting off. It’s best to do it ASAP. Great reminder!
I think having a will is important. I don’t even have one, but I probably should get on it.
It’s definitely better to be safe than sorry when it comes o having a will. I know how much easier it is on loved ones when a clear will has been set out.
All such important issues to think about early in life. I know we waiting a while, but knowing that these decisions are made is a nice peace of mind.
I think a lot of millennials don’t think about financial documents like wills until later in life. It’s so important to make sure everything is lined up when it comes to keeping financial assets in check! This is a great reminder.
It’s something we have alwys put off because it’s a hard thing to think about but now that I am approaching 40 I know I need to.
This is such an important question to ask for sure and topic to think about. I am 34 and still haven’t thought of this. I know in my state it is a next of kin state, so all is left to next to kin – my first born – if there is no will.
It’s always safe to have a will even at a young age. It would be less hassle in any eventuality.
I think most of us dont even think about writing our wills but I think the earlier its done the better especially when you have a family or assets to protect.
This is something I need to sit down and do. I have two kids and a home and I need to make sure my affairs are in order should something happen to me.
Such a very important thing to consider once you hit adulthood. Thanks for the reminder!
I made a will before I had children. I need to update it and my beneficiary info. Thanks for the reminder.
I need to arrange a will. I only added my kids as beneficiary if something bad happens to me.
I have children and own a home! I absolutely need a will! My mom keeps reminding me!
I have arranged mine. I have peace of mind with my kids. 🙂
Great post! Once I buy a house and have children it’s definitely something I’ll do ASAP!