Writing a will is often associated with the elderly. People usually write wills when they cross a certain age and are nearing death. However, it looks like the times are changing. These days, young people are equally or even more interested in writing their wills.
A will is a legal declaration of someone’s wishes regarding the distribution and disposal of their property, especially after death. It is a legal document that states what happens to your property after you die. And the decision is completely yours. So, by the looks of it, it is something elderly people would do, especially when they’re nearing death.
However, now, millennials and Gen Zs are increasingly into writing wills and deciding their unforeseen future.
Writing Will Is Gaining Popularity Among the Millennials and Gen Zs.
Death is always a taboo to discuss, especially when you’re young and full of life. Which makes young people writing wills a bit strange. But the coronavirus pandemic has changed the way young people view death.
We understand that death is an inevitable truth and everyone goes through it at any point in life. Death never looks at someone’s age, gender, or status. And millennials and Gen Zs are now well aware of this fact.
Thus, observing people of all ages lose their lives due to covid-19 gave preparing an early will a way into young people’s lives. They believe that now is the perfect time to think about the worst-case-scenario. And also to decide what happens to their belongings, no matter how little, after they die.
People have a common misconception that only old and rich people write wills. Young people don’t have properties or assets to distribute to their families. And even if they do have enough assets, it’ll automatically go to someone next in line or their immediate guardian. And they also think that DIY will work just as fine. However, all these assumptions are baseless and untrue.
Here’s why creating a will is important.
- Death has usually very little to do with age and the same is the case with writing a will. So, it’s a good idea to write a will (even if you’re young) if you own anything of value that you want to pass to someone important. Else, your untimely death will leave the people in your life in a great entanglement when it comes to your assets.
- If you write your will beforehand, you won’t have to worry about the wrong person having ownership of your property. However, If you don’t have one before you die, the state will write one for you. Thus, you’ll have no freedom to choose who gets what.
- Aside from writing a will, it’s also crucial to update it regularly. And when we’re on that subject, it’s important to remember about the beneficiaries on your documents like retirement plans, life insurance policies, etc.
- Wills are not simple letters you write to people or verbal agreements you make. It is a legal document that discloses your assets and the people you’ll leave them behind. So, writing a DIY will or verbal agreements are of no use.
Apart from writing wills, younglings are also equally invested in planning out their funerals. It is true that you’re not present at your personal funeral. Nevertheless, it doesn’t mean that you can’t have it your way, just like your wedding.