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Whether you're a millennial or not, have you ever pondered the legal implications of leaving your wishes for your possessions unresolved after you pass?

Traditionally, drafting a will wasn't high on the priority list for young individuals. However, recent trends indicate a change, with more millennials now taking the proactive step of creating wills. As reported by The Wall Street Journal, at least 27% of 18-34-year-olds had a will in 2021, a notable rise from 18% in 2019. The unforeseen events of life, vividly underscored by the COVID-19 pandemic, emphasise the need to be prepared for the unexpected. Life can shift in an instant, making it crucial to have your affairs in order.

Many within this generation are now well into their careers, forming the majority of the global workforce and steadily building wealth – albeit at their own pace.

With the right documents and tools, millennials can hone their life management skills to safeguard their financial assets.

Streamlined Life Organisation with Meavitae:

Effective financial life management entails acquiring the right coverage and ensuring document security. Life management revolves around the capacity to handle all necessary aspects for a productive and fulfilling life.

To execute a successful life management strategy, a firm grasp on your financial life – and the associated documents – is crucial. This encompasses holding suitable insurance policies, including life insurance. It also involves crafting a will (and other relevant documentation) to oversee your financial legacy.

However, financial life management extends beyond merely creating or procuring specific documents at a singular point in time. Equally vital is the secure storage of this information, ensuring that the right individuals have access when needed. The optimal approach is to store them in a cloud-based vault meticulously designed to secure and selectively share items as required.

Empower Your Legacy with Meavitae: A Guide for Millennials

For years, millennials have faced the stereotype of being the generation still finding their footing in life. Yet, the reality is different – they've forged valuable lives with substantial assets that warrant protection.

Nevertheless, a surprising 55 percent of millennials haven't crafted a last will and testament, commonly known as a will. This signifies that their desires regarding the fate of their possessions, financial assets, and children might not be realised upon their passing. Instead, their state’s intestate succession laws would determine both child custody arrangements and estate recipients.

So, what's behind the reluctance? Partly, it's the current life stage of this generation – contemplating life's end is challenging when you feel you're just beginning your journey. Nevertheless, planning for the future is a pivotal step towards readiness for life's uncertainties.

Crafting Your Will with Precision:

Preserving your wishes in a will stands as a critical step towards securing your legacy and ensuring your intentions are honoured.

Here's what your will should encompass:

• Your personal information, establishing the will as uniquely yours.
• The document’s purpose, explicitly stating it as your “last will and testament.”
• Assets, detailing the transfer of assets – from bank accounts to investments to real estate.
• Beneficiaries, clearly outlining who should inherit which assets and their relationship to you (e.g., parent, spouse, child, etc.).
• An executor appointment, entrusting a reliable individual to execute your wishes, including the will's execution.
• An appointed guardian, if children are part of the equation, designating the custody recipient.

After drafting your will, maintaining a digital record of the document is crucial. This ensures that your intentions – alongside all related documents – are easily accessible to the appropriate individuals when needed.

Embrace Future Preparedness with Meavitae:

Don't settle for basic document storage – choose a robust solution that not only organises but safeguards and shares all the items and memories that hold significance to you. From cherished family photos to essential business records, the finest digital storage system is one that evolves with you.

Beginning today, millennials can lay the foundation for effective life management. With digital access to your essential documents and memories, you'll possess the tools needed to navigate life's uncertainties with confidence.

Join us at meavitae.com