Our lives used to be so predictable. You grow up, you get a job and get married, you have a couple kids and buy a house, you save money for vacations and education, and when your life comes to its end, you’ve prepared yourself with a Will to ensure that everything you’ve worked so hard for ends up in the right hands.

These days, life isn’t so predictable. Millennials are delaying those milestone moments of getting married, buying real estate and having children, and as such, are pushing their Will and estate planning further into their futures. This generation is choosing to live in the present, rather than think ahead to the future.

So, why should millennials start planning for their future now?

We have to take care of our fur babies

While many millennials are waiting until later in life to have children, or aren’t having them at all, adopting and taking on the responsibility of pets is a popular commitment in this demographic. Some millennials may think ‘I’ll outlive Rover, so I won’t need to worry about him’, but the truth is, we just don’t know what’s going to happen. Sorry to be morbid, but if you were to be gone tomorrow, don’t you want to make sure that Rover goes to a loving home instead of a shelter?

Choosing a pet guardian for your fur babies will give you peace of mind that they will be looked after if you can’t care for them anymore.

We have more assets than we think

While millennials may be holding off on things like marriage and real estate purchases and may feel that their current state of health doesn’t require life insurance, we have so many more assets than we think!

“Even young families who haven’t necessarily built up a ton of wealth yet, have a need for a Will to make sure that the assets they do have to go to their loved ones with as little cost, taxes, and trouble as possible.” noted Kelowna Wills & Estates lawyer Katy Williams.

From vehicles to furniture, vintage collections to expensive purses, us millennials have plenty of items that we may not have considered assets, not to mention our health. Millennials need to start thinking of everything that we own, and our health, as assets and plan accordingly with life insurance and estate planning.

We’re skipping commitments for travel

As millennials opt out of big commitments, we are spending a lot more of our time and money on travel and experiences. While travel isn’t a tangible thing to hang onto, it does come with its own risk. Travelling across the globe and trying all of the fun, daring experiences that this planet offers can be irresponsible if you don’t have travel insurance and a Will in place. If you’re going to sign that waiver for skydiving, you might as well spring for the insurance!

We have a digital footprint that lives forever

This is especially true for millennials! When our time comes to an end, our Facebook and Instagram accounts will continue to live on. Believe it or not, we need a Digital Executor. Since there is no law requiring that accounts be suspended or deleted upon death, family and friends will have to go through a sad and annoying process to have your accounts deleted or be given access to them. Make this easier on them by adding a Digital Executor to your Will with passwords so that they can do whatever you wish them to do with your accounts when you’re gone.

If you do have a family or a house or other large assets, the decision to prepare a Will and complete your estate planning is even more important. It’s better to be proactive than to have regrets or leave your family in even more despair.

Williams added, “If you don’t have a Will, you are leaving it up to the courts to decide how your Estate will be distributed. This means additional cost and hassle and it risks your assets not going to those you would have wanted.”

Millennials can’t afford to leave things up to chance. Planning for the future and putting a Will and estate plan in place are important, no matter how much or little you think you have right now.

With Kelowna Wills & Estates Law Group they want you to focus on making memories and not worrying about the what-ifs. Their Will packages, while designed and priced for the average person, couple or family, are far from average. They offer complete Will service including estate planning. Whether you require a living Will, or a last Will and testament, they have a package to suit you.

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