If you are in your 20s or 30s, estate planning may be one of the last things on your mind. You may assume you do not need to write a will until you are 50 or 60. But while your priorities may be making rent payments, trying to build a family or building your career, you should not delay creating an estate plan. Having a plan for what happens to your assets once you die is essential even when you are young.
But why is it so important for young people to make a will? Here are some reasons you should start estate planning sooner rather than later.
1. Life and death are unpredictable
While it may be natural to not think of your inevitable demise as you go about your daily life, the truth is that misfortune could strike at any moment. You could get hit by a drunk driver, develop a fatal illness or die in a freak accident at work. Even if you do not have a substantial amount of wealth, it is worth putting your wishes in writing just in case.
2. Digital assets matter
Contrary to popular belief, wills do not only concern assets such as houses, cars and bank accounts. Your digital assets are worth preserving too. Perhaps you have built an influential following on social media or keep all your favorite pictures on your computer. Whatever the case is, you should write a will that determines what will happen with your digital assets when you die.
3. Pets are family too
Whether you have a human family or not, chances are you have a dog or cat. Who would take care of your pet if you die? Your will can contain your wishes regarding your furry friend.
These are just a few reasons why millennials should start estate planning.