From avocado toast to social media, millennials are associated with a number of enticing advancements in culture and technology. However, for many individuals of this generation, that emphasis on the future might not carry over into estate planning. While wills and trusts might not seem like much fun, they’re essential to this key age range. In 2020, millennials range from ages 24 to 39, but youth is not a reason to forgo this important step. Here are just some of the reasons why it pays to get a head start on these documents. 

3 Reasons Why Estate Planning Is Crucial for Millennials

1. Digital Assets

These days, your “estate” means much more than a home, a car, and a safety deposit box. It’s also comprised of the wealth of assets that live on your computer and the internet. From that hard drive full of vacation photos and videos to that Dropbox account full of school and work files, there’s plenty to plan for in your will.

If you don’t want this data stuck in your smartphone, tablet, or flash drive forever, you’ll need to make a list of the accounts, usernames, passwords, and other essential information. You’ll also need to dictate who has access to them—whether it’s your spouse, sister, or future children—and whether they should keep or delete them.

2. Social Media Data

From LinkedIn and Twitter to Instagram and Facebook, there are numerous social media platforms millennials use to document their lives. What happens to these pages once your life is over?

As yet another part of your estate, you’ll want to leave these accounts to certain people or beneficiaries in your will. Perhaps you’d like your brother to make a final post saying goodbye to your followers, or you’d like to leave an account with a large following to your assistant or partner at work. Whatever you envision, you can make your wishes clear in your will.

3. Cryptocurrency & Savings Apps

If you’ve jumped on the cryptocurrency bandwagon, you may be holding a significant amount of savings in Bitcoin, Ethereum or Ripple. If you don’t leave detailed instructions on how to access this money and what to do with it, it will continue to sit on the internet forever. Why not leave it to a loved one instead?

The same goes for savings apps like Digit, which gradually adds your money to a digital savings account, or RobinHood and Stash, which allow you to invest from your phone. In this day and age, these are all crucial elements of a millennial estate plan.

If you’re eager to get started with the estate planning process, reach out to Smith & Tabor Attorneys At Law of Toccoa, GA. Since 1985, they’ve been helping area clients prepare for the future and leave behind a legacy for their families no matter how technology advances. In addition to estate planning, they also work in personal injury, wrongful death, and family law throughout Stephens, Habersham, Franklin, Rabun, and Hall counties. To learn more about their offerings, visit the website or schedule a consultation by calling (706) 886-5141 today.