Millennials are finally starting to write their Wills.
If there’s one lesson we’ve all learned throughout the COVID-19 pandemic, it’s that anything can happen in an instant. One day everything can be fine, and the next day, life is chaos. People can pass away unexpectedly, and it’s important to have your affairs in order to prepare for the unexpected.
The unease of the pandemic is prompting millennials to think about what would happen if they or their family got sick. More and more of them say they want to take the time now to plan out their lives instead of waiting until it’s too late.
Since the start of the pandemic, nearly 90,000 millennial and Generation Z LegalShield Members have used their service to begin preparing their Will. These younger generations now account for more than 11% of all estate planning requests from our members – a statistic that’s continued to rise above pre-COVID era numbers.
The importantance of having a Will in place at any age.
While the percentage of millennials making a Will has increased from 18% to 27%, this number is still low considering how vital this legal document is. Scary enough, this percentage is even higher than its older generation. According to Caring.com, only 23% of 35–54-year-olds have a Will in place.
If we’re being honest, you’re probably wondering why that’s such a shocking number. Why does all the planning matter? If we die without a Will, it won’t be a big deal because we’re dead, right? Wrong.
The consequences of not making a Will are heavy for your family. Here’s what happens if you die without a Will:
- You have no control over where your belongings go. This means your house, wedding rings, art, furniture, family photos, everything. When you die without designating who these things should go to, you will die intestate, which means everything you owned is now in the state’s hands.
- You don’t get a say in who cares for your minor children. This is why if you are expecting or have kids, having a Will in place is critical. Without one, your children become the responsibility of the state, and you have no say in who will care for them.
- You also won’t get a voice in who cares for your pets. Don’t abandon your four-legged friends. Without including them in your Will, your pets will go to whoever the court appoints, which may be a shelter.
- You can leave behind your money to loved ones or charities. You get to decide where your savings go when you die if you have a Will. These are the kinds of lingering questions you can answer yourself by making a Will.
- Tomorrow is not promised. More and more young adults are realizing through the pandemic that it’s crucial to plan for the unknown. Even though you may not be approaching your retirement years or have a health condition, life and tragedy can happen in a split second, and you’ll want to take care of your family if it does.
5 tips for making your Will:
- Sit down with your partner and discuss your children. Who should care for them if something happens to both of you? What makes the most sense? Consider your current location and school and who could realistically care for them.
- Think about where your estate and belongings should go. Who should inherit your home if you pass away? What about your wedding rings? Who should get that famous art piece that’s hanging in your living room? Consider these questions for all your important possessions and assign them to your loved ones.
- Consider who is best to care for your four-legged friend. While no pet owner will be as good as you, who would be best for the job? Choose wisely, Rover will thank you later.
- Write out how much money you want to leave behind and to whom. Do you want to leave behind a college fund for your children or other loved ones? Or donate to your favorite charities? A Will gives you that freedom. Without one, the state’s law will direct who will receive your estate.
- Consult with a lawyer for review. Your lawyer will be familiar with the estate planning laws in your state and what’s required. As a LegalShield Member, you get access to the LegalShield app, which empowers you to quickly create your Will and send it off to your provider lawyer for review, all from your phone or tablet.
Speak with your provider lawyer to get started.
While death is not exactly the most fun thing to talk about or plan for, it’s critical to do so for your family’s sake. The good news is, you don’t have to do it alone. Your lawyer can walk you through each step of the process and answer any questions you have. And when it comes to certain things like what you plan on leaving behind as your legacy, that kind of support is imperative.
LegalShield provides access to legal services offered by a network of provider law firms to LegalShield Members through member-based participation. Neither LegalShield nor its officers, employees or sales associates directly or indirectly provide legal services, representation or advice. See a plan contract for specific state of residence for complete terms, coverage, amounts, and conditions. This is not intended to be legal advice. Please contact an attorney for legal advice or assistance. If you are a LegalShield member, you should contact your Provider Law Firm.