Five reasons millennials need a will

Story sponsored by Willed.

If you're reading this, you're likely a millennial. You're tech-savvy, and the idea of bringing your device to work excites you most. It's also possible that you've forgotten to take care of this aspect of your life: your last will.

What is a will?

A will is a legal document that contains your wishes on how your assets would be allocated or rights be taken care of after your death. Its legal effects, such as receiving the willed property, can only occur after the death of the individual who executed it.

In many countries, a person can't have control over anything without being included in a will. If this happens, the government where the departed lived can take over these assets. This ends with either any of these scenarios:

a) deductions from unpaid taxes or bills are applied on the remaining assets even if it can be detrimental to their living relatives; or

b) the whole investment goes to the government if they have no living relatives.

Wills can also be treated as a legal obligation once a person turns 18. This can be done through the assistance of legal professionals or public trustees. Some states also allow minors to write a will, but only under the circumstances provided by law.

Why you should execute a will as a millennial

If you're wondering if you need to be filthy rich or super old to render a will, the answer is no. Anyone can execute a will for the right reasons. The possible subjects include:

Now that you know what these legal documents regulate, read on to find out why you need them.

1. You have acquired assets over time

You might be currently living in a mortgaged or rented house, but that doesn't mean you have no assets of your own. Do you have a smartphone, tablet, laptop, or any gadget? How about bonds, bank accounts, stocks, or cryptocurrency investments? If you do, then you have a reason to execute a will.

What most don't know is assets don't only refer to physical properties like houses or cars. They also cover your personal belongings and financials like bank accounts. Depending on the state, they can include intellectual property rights as well.

2. You believe in chasing after your dreams

One distinct trait that makes millennials stand out from other generations is optimism. Raised in the belief that opportunities are created and not waited for, millennials tend to be confident and risk-takers-which might explain the boom of the start-up era, among others.

Many millennials also invest in cryptocurrency, believing it's the next big thing in the financial world. Lately, many experts have also noticed the increasing number of vloggers on video streaming sites, hoping to cash in on the digital economy by doing things they enjoy.

Whether these undertakings tend to be profitable or not, it only shows how millennials go after their dreams in life. These investments can be subjects in the execution of wills, too.

3. You might be raising kids (or planning to have one)

Many say millennials belong to Generation Y or the generation that reached adulthood at the turn of the 21st century. Sources point to different years to delineate them from the others. Some experts consider those born between 1982 and 2004, while others those between the years of 1976 to 1990 as millennial cohorts.

While there are varying references as to when millennials are born, a good estimate is they're in their late 20s to late 30s. This suggests that they might have families and children of their own. From this information, one can put these kids to be mostly under 18 or regarded as minors.

Many countries across the globe have regulatory mechanisms to protect the rights of minor children. Minors have limited decision-making capacity and would require guardians. By including guardianship regulations in your will, you will be secured that your children's welfare remains a priority despite your absence.

4. You are largely dependent on technology

You might be one of those who don't like remembering phone details, because who needs to do that anyway? Thanks to technology, storing this type of information is now possible by pressing a few numbers on our smartphones.

The situation above is a reflection of how most millennials are living in the digital world. Aside from using technology to do a lot of their memory work, many also like uploading personal information and photos on various social networking sites, blogs, and online videos.

The increasing number of online banks and e-commerce sites also encouraged many millennials to store their private and financial details over the internet. Additionally, getting caught in the middle of a global pandemic also pushed many of them to engage in remote work. This ramped up the need for digital storage to share and edit files and work on projects with other team members.

These things may not cost a lot, but they're still personal information that needs to be protected by a will at all costs.

5. You understand the power of doing good things for others

Though some people see millennials as entitled or self-absorbed, they're also known to be givers. What and how they give differs from how charitable work is usually done. Many millennials choose to donate online. In the absence of cash, they look for creative ways to help others with the least money available, such as giving clothes, food supplies, and volunteering time.

Millennials are inclined to give, and they also prefer to work for a company that values corporate social responsibility. Their tendency to gravitate toward eco-friendly, sustainable, and humane products is also palpable to many. This probably explains the increase in numbers of companies adopting the so-called cause marketing strategy.

This advocacy and the availability of options to help others allow millennials to donate to charities even after death. This can be made possible through their wills.

The real challenge: Leave a legacy

By now, you've likely achieved or taken some steps similar to those mentioned above. You might be living in your own home, accomplishing work through the latest gadgets available, or enjoying a bank account that could last you five lifetimes.

Whatever type of success or assets you want your will to protect, always ask yourself, 'Is this the type of legacy you want to leave?' No matter the answer, drawing up a will could certainly offer a peaceful kind of protection.

Story sponsored by Willed.