Why Millennials Should Have a Will and Power of Attorney

Francis Lawyers

Millennials must start thinking about their future planning as they approach their thirties and forties. While some people might believe that estate preparation is primarily vital for older adults, everyone can gain from having a will and power of attorney in place. Will and estate Ottawa rules and laws are straightforward, but it is essential to start planning as early as possible. 

Millennials should consider preparing as soon as possible, for several reasons. Let’s look more closely at why:

Defending Your Property and Those You Love

Making sure your possessions are transferred per your preferences is one of the critical benefits of having a will. Without a will, your assets will be divided following provincial law, which might not reflect your preferences.

Having a power of attorney can also guarantee that a trusted individual can act on your behalf in the event of your incapacitation. This can assist in shielding your loved ones from the strain and expense of representing you in court and making vital choices.

Creating a Plan for the Unexpected

Although no one likes considering the worst-case scenario, everyone might experience unforeseen incidents. Millennials may ensure that their affairs are in order in the event of an unexpected sickness or accident by drafting a will and power of attorney.

For instance, if you lose capacity without a power of attorney, your family could have to apply for guardianship in court. With careful planning, this might be a time-consuming and expensive procedure that can be avoided.

Keeping Family Disputes at Bay

When a loved one dies without a will, it is common for family members to disagree over who should get what. Millennials may prevent these issues and guarantee their desires are fulfilled by making a will. Furthermore, by appointing someone as their power of attorney, millennials can prevent family feuds about who should make critical choices if they become incapacitated.

Saving Money

Finally, having a will and power of attorney in place might help you and your loved ones save money in the long term. If you die without a will, your estate may be subject to probate, which can be time-consuming and costly. You may assist your loved ones in avoiding these expenditures and making the distribution of your assets more efficient if you have a will.

While millennials may believe they have plenty of time to plan for the future, it is always early enough to consider estate planning. Millennials may safeguard their possessions and loved ones, plan for unforeseen situations, minimize family conflicts, and save money by making a will and power of attorney. Don’t put off planning for your future until it’s too late; contact us to start learning about the details of your will and estate in Ottawa today.