By the end of 2020, the oldest millennial will still be under 40. In other words, the entire generation will have a lot of life left to live. Because that life can be unpredictable, though, all millennials should make estate planning arrangements sooner rather than later. Here are some of the biggest reasons why. 

3 Reasons Every Millennial Needs an Estate Plan 

1. To Provide for Minor Children 

If you have children and something were to happen to both you and their other parent, who would look after them? Should you die intestate, the court will decide who assumes guardianship and you can’t necessarily expect a family law judge to understand your extended family’s dynamics.

Thankfully, you can take control by drafting a will. In this document, you may name a guardian for any minor children. It’s wise to name a backup guardian, as well, should the person you choose be unwilling or unable to take on the role. 

2. To Preserve Your Digital Legacy 

From founding Facebook® to designing smartphone apps, millennials largely defined the digital age. If you’re part of this generation, chances are you have at least a couple social media accounts, not to mention thousands of digital files, multiple online banking accounts, and perhaps even a bitcoin balance.

By designating a digital executor, you can ensure all such assets are addressed appropriately. From memorializing some profiles to deleting others, your representative will follow the specific terms you set forth to protect your legacy. 

3. To Protect Your Life’s Work 

Some of the most successful entrepreneurs, artists, and professionals are millennials. If you’re well on your way to making a name for yourself, too, what will happen if tragedy strikes? Whether you own a small business or host a popular podcast, estate planning will allow you to ensure its succession—or liquidation and distribution—after you pass. 

To protect your loved ones—and their financial security—in all eventualities, turn to David R. Webb, Attorney at Law. Practicing out of Lincoln, NE, this knowledgeable estate planning attorney is proud to help millennials take a proactive approach to preserving their legacy. For more than 30 years, he's been counseling clients in a variety of areas, including business law, civil litigation, probate proceedings, and family law. To request a consultation, call (402) 477-7577. Learn more about his capabilities online.