Millenial young woman texting on train

Where There’s a Will: Reasons Why Millennials Should Have a Contingency Plan

One of the emerging new capitals of tech is Salt Lake City, with an increasing number of tech tenants leasing commercial property. Affordable rents and a large pool of young talent play a significant factor in this growth. Salt Lake City has a high representation of the millennial demographic; 21% of residents are aged 23-28 versus the national average of 13.9%. This young wave of talent is leading innovation and growth in the industry.

Millennials are the present and future of tech, but they also have a reputation for not settling down. Most people in this demographic grew up during crises of housing and student loans, which has led many to rethink the American dream of owning a home and raising a family. Freedom and flexibility have become increasingly important to this generation.

Only 1 in 5 millennials have drawn up a will, according to a 2019 US survey. Yet that same survey shows 76% of all respondents acknowledge the importance of having one. Most of them either procrastinate about it or don’t believe they have enough assets to pass on. Whether you’re older or younger, here are some reasons to reconsider and do something about it.

Your digital information

An issue unique to modern times is what happens to your email, social media accounts, and general online presence when you die. As we continue to integrate various apps into our everyday life, things like our photos and videos, financial information, and online writings and documents, are all considered digital assets – and may become completely inaccessible if we die.

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Major services like Google and Facebook have implemented options that make it possible for you to set up what happens if you die or become inactive for a period of time. But not all online services offer this sort of contingency. As a whole, your digital presence can be more easily taken care of after you die if you grant power of attorney to someone, and make an inventory of your online accounts.

Your clients and projects

colleagues discussing a project

If you work in tech, you’ll have specialized knowledge that is difficult to replace. And chances are you’ll have clients, or be handling projects, that rely on you – whether in Utah or elsewhere. If you haven’t drawn up a will with your probate attorney yet, or at least set up an online account contingency, these projects can be thrown into chaos should something happen to you.

Tech workers often handle multiple accounts on behalf of clients that don’t have anyone else with the know-how to step up and take over. And for security reasons, you may have sole access to login credentials for multiple clients’ websites and online accounts. If you pass away without covering this area in your will, clients could lose their websites as renewal and registration expire. Projects can collapse or struggle to move forward with the loss of information known only to you.

Your partner, kids, property

Millennials may be averse to settling down, but that doesn’t mean they don’t have partners or kids. They may not own property in the traditional sense, but they can own copyrights to creative work, devices, and cars, savings and retirement accounts, or even cryptocurrency. They may also have outstanding debts to settle.

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Setting up a will before you die allows you to appoint an executor for your estate, ensure that your partner inherits some or all of your property, and specify a legal guardian for your kids (if necessary). It will spare your loved ones a load of mess and confusion in the event of your passing.

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