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Millennials had a good run as the young bucks of society. Sure, they had to endure an onslaught of op-ed articles about the financial perils of avocado toast, but their tenure as the up-and-coming generation was long and fruitful. Now, they pass the crown to the next generation: Generation Z.
What does it mean for a generation to join the elders of society? For starters, it means thinking proactively about the future. Millennials range in age from 25-years-old to 40. Those are prime ages for taking that all-important plunge into the process of creating a will.
Don’t worry: it’s not as scary as it sounds. It isn’t an admission of impending mortality as much as it is a recognition that you have firm beliefs and wishes you want followed should anything happen to you. With the help of a legal professional, it’s a straightforward process that offers peace of mind – for you and your loved ones.
Here’s what you need to know.
The Importance of Having a Will
To illustrate the importance of a will, perhaps it’s best to run through a scenario where you don’t have a will.
Dying intestate – that is, without a will – can be a bureaucratic hassle for your loved ones. Decisions, like where your assets and estate go, are at the mercy of local legislation. If you have dependents, they may end up with a guardian not of your choosing. It may take a long time for your estate to be distributed, and the government might not distribute it the way you wanted.
Creating a will allows you to clarify your wishes – for asset distribution and guardianship. It also lets you define your legacy in other ways. A defining feature of the millennial generation is its emphasis on social causes and charity; in your will, you can designate money for charities you care about.
A Distinctly Millennial Approach
A common characteristic of millennials that you see expounded repeatedly in online think pieces is that they are “technologically minded.” If there’s a brick-and-mortar industry to disrupt, millennials will find a way to do it.
Luckily, in this case, legal services are no exception. Before, you had to drive your paperwork to the nearest wills and estates lawyer, accept their opaque pricing model, then play back-and-forth phone tag until the will was completed. Now, you can find virtual law firms like Axess Law who work with you remotely, using predetermined legal fee rates and accessible online communication.
Completing a will with a virtual lawyer is straightforward, online and affordable. In other words, it’s precisely the way millennials prefer to do business.
Things to Consider
As mentioned, a will functions in several different ways. It serves as a legally binding guide for how you want your assets distributed. It outlines your wishes for guardianship (both children and pets, for all the dog lovers out there). It appoints a trustee to distribute your estate. And it allows you to set up legacy gifts for specific charities, causes or people about whom you care deeply.
When creating a will with an online lawyer, consider each of the functions above. And ask your lawyer lots of questions about the process. After all, they’re there to ensure that your wishes are recorded in legally binding language.
You may have several good decades left, but that shouldn’t stop you from planning for the unexpected. As the upper age range of millennials hits that 40-year-old milestone, now is the perfect time to create a will.
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