Why Millennials Should Have a Will and POAs

Between student loans, delayed homeownership, marriage and having children, it may seem that estate planning should not be on a millennial’s priority list. But the reality is that most millennials have things, whether it’s a social media account or a pet, that will need to be looked after when they die.

Here are some reasons why millennials should have a Will and Power of Attorneys.

Millennials need Personal Care and Property POAs

When you’re young and in good health, it may be difficult to imagine becoming so ill that you are unable to make medical decisions. However, life can take an unexpected turn and it’s a good idea for millennials to appoint a power of attorney for personal care who can make health care decisions on their behalf.

A millennial should also appoint a POA for property. This gives someone the power to make decisions about your property and finances if you become unable to make these decisions yourself. For example, your Attorney for Property could be responsible for taking care of your banking matters, managing your investments, running your business, buying and selling real estate on your behalf, or paying your monthly bills.

Property

Although Ontario’s current real estate market may have prevented millennials from purchasing a home, they may still have a property to divide up, such as art, jewelry, bank accounts and investments. A will can allow millennials to divide this property between individuals or entities of their choice, such as friends, family, charities and common-law spouses. Without a will, a person’s property cannot be accessed by an estate trustee, which means that the millennial’s family will have to go through a lengthy and costly court process to appoint a trustee. This also means the millennial has no say in who is managing their property.

Digital Assets

Millennials grew up with the Internet and are likely to have digital assets. Digital assets include files stored on digital devices, email accounts, and social network accounts, such as Facebook or Instagram. A digital asset does not need a monetary value for it to have sentimental value. For example, some Millennials may want their social media accounts to remain active after they die, and others may want them to be deleted. It is important to remember that a deceased person’s digital assets cannot be accessed without proper authorization. A will can provide this authorization to your executors while providing additional instructions. In addition to a will, a testator should also keep a secure list of usernames and passwords so that the executor can easily access the accounts.

Pets

Although studies have shown that millennials may be having less children, it’s likely that they have a cherished pet or two. It is important to think about what will happen to your furry friend if you die. According to the law in Ontario, a pet is considered property and cannot receive any gifts or cash legacies through a will. However, a pet owner can use a will to name a caretaker for their pet and either provide a cash legacy to the caretaker or to set up a trust for them to ensure the pet is supported.

Going Forward

If you have questions about this article or wish to make a will, please contact info@dabroslaw.com.