Hey Millennials! Here’s Why You Should Start Your Estate Planning Now
It is no secret that Millenials are being forced to delay traditional life milestones: marriage, having kids, buying a home, etc. An unstable economy, lower salary increases and higher living costs (especially if you live in a big city), are all contributing factors to this problem. Millennials (many of whom engage in side jobs to make ends meet) often focus on on the present, rather than planning for the future.
There is still a case to be made for planning for the future — and doing so now.
The reality is, even if you have had to delay buying a home, get married or have kids, you still need to plan for your future. That does not mean just opening and contributing to an RRSP. It is much more than that.
Estate planning is necessary for people at any age (especially for those over the age of 18) but it is particularly beneficial for people who want to climb the corporate (or career) ladder and start a family.
Name a Decision-Maker
Many people consider estate planning as simple as drafting a Last Will. While creating a Will is important, one of your first steps actually needs to be creating a Power of Attorney or a Power of Attorney for healthcare (otherwise known as a Living Will). You may never know what health problems you may run into. A Living Will gives you the ability to legally appoint someone to speak on your health matters if something happens to you. If you wind up in a common car accident, or suffer health problems while travelling, a Living Will is there to speak on your behalf. That is why a Living Will is always handy to have.
A Power of Attorney allows you the ability to legally appoint someone else to make financial decisions on your behalf. A Power of Attorney is the second most important document that you may want to think about drafting. Find out more about a Power of Attorney here.
Take Care of Those You Love the Most
Nobody is supposed to die before their parents, but unfortunately it does happen.That is why a Last Will and Testament is necessary to have, no matter if you are young or old.
Without a Last Will and Testament, the distribution of your stuff (no matter what value you put upon them) can be decided by the courts at will. You may risk leaving your loved ones empty-handed.
You Own More than You Think
You may believe that your assets are not worth much, but you actually might be surprised by the value of your assets, which can include the following:
- a life insurance policy
- an RRSP
- a vehicle
- sports memorabilia
You are most likely going to want to evaluate the stuff you own and make sure that it goes to the right people. Hence, the need for a Last Will.
Probate Can Take Forever
A Last Will can save your loved ones a lot of time. Should the unexpected happen, your Will ensures that the people who are responsible for settling your estate can do so as seamlessly and as painlessly as possible. Without a Will, it may take a year or longer to distribute your assets (the courts may have to jump in make decisions on this).
You may be under the impression that these types of important life decisions are reserved for people much older than you. Making these decisions sooner rather than later lays the foundation for more complex estate planning which comes later on in life, such as retirement planning. It is essential that you have a solid foundation to eliminate any hassle and heartache if the unexpected were ever to happen.
FormalWill.ca is Canada’s #1 online resource for estate planning. Our system has been developed in close consultation with Canadian lawyers to ensure the utmost accuracy. You can create your free account in seconds and pay through our secure payment system. We have established a user-friendly online service which creates your legal documents instantly and is designed to save you money on legal fees.
Are you ready to start planning your estate? Click here to learn more.