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Estate planning for millennials

On Behalf of | Jun 13, 2022 | Estate Planning

People who are in their 20s and 30s rarely think about having a comprehensive estate plan in place in case they should pass away unexpectedly. After all, even though life can be unpredictable, those young in age typically have a while to think about these things. It may seem unimportant for a young person who is unmarried, doesn’t own a home or has few assets to consider estate planning, but that’s not necessarily true. It’s also a fallacy that estate planning is just for older, wealthy people.

Everyone has things that they love no matter what their ages, where they are in life or what they’re doing. Viewing estate planning in this manner may make millennials more apt to consider the merits of writing an estate plan. For instance, what if they own pets? What would happen to those pets should their owners die? What would happen to treasured objects they might own or to their digital assets?

Having a say after death

One of the positives of becoming an adult is having control over one’s own life. It can be a powerful thing to create an estate plan since it gives a testator a voice, even after death. If these documents are legally established, they must be followed. That means a testator can say who will get any pets, or who will inherit a beloved heirloom or a special painting, etc.

Creating a comprehensive estate plan can ultimately prove invaluable to both young and older adults alike. Millennials in Ontario who take the time to create an estate plan can have much-needed peace of mind knowing their wishes will be honored should the unexpected happen. Additionally, these documents can be stored away — perhaps left with a lawyer — and they can always be revisited anytime life’s circumstances change.

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