People have become more tech savvy over the last decade or so. It’s safe to say that younger people in Ontario — millennials who were born between 1981 and 1996 — look at estate planning very differently than their grandparents or parents did. For this generation, most assets are digital, according to a recent study of 20,000 millennials. Everyone who took the survey actually named a digital executor to look after their digital assets like social media pages and online accounts.
Digitally savvy executors
Even if Ontario millennials don’t choose a definitive executor for their digital assets, they are choosing those who understand how to manage them. Some are even storing important documents digitally and are giving executors digital codes to be able to access these documents. Some also have cryptocurrency like Bitcoin and are making sure their executors know where to find – and how to access – these accounts.
Wills more complex
It was found, too, that millennials have more complex wills in general and don’t leave assets to just a couple of people. In fact, the survey showed that on average, millennials name nine beneficiaries in their estate plans. Millennials are waiting longer to marry, buy a home and start a family, and by the time many do so, they have already built up a strong financial portfolio. For these reasons, leaving everything to a spouse is not automatic for them. They also tend to leave more to friends and ensure the needs of their pets are looked after as well.
Estate planning doesn’t have to look the same for everyone. As with most things, it can evolve with the times. Estate plans must still adhere to the laws that govern them, however. It is typically a good idea to get the assistance of a lawyer to make certain your plan is legally binding.