When we think about writing a will, images of elderly individuals nearing the end of their lives often come to mind. It’s no wonder that many millennials dismiss legacy planning as something irrelevant to them, assuming they’re too young or don’t have enough assets to worry about. However, the landscape of wealth and ownership has evolved, and millennials today are sitting on far more than just a savings account. They’re entrepreneurs, investors, digital creators, and property owners. If you’re one of them, it’s time to rethink your approach to legacy planning.
Misconceptions about Legacy Planning Among Millennials
One of the biggest misconceptions is that a will is only necessary if you’re wealthy or have significant assets like houses or businesses. The truth is, if you have any form of property, investments, or even digital assets, a will can protect your interests. Many millennials believe they can put off legacy planning until they’re older, but life is unpredictable. Without a will, your loved ones may struggle to navigate the distribution of your legacy if something unexpected happens.
Another common misconception is that writing a will is a complicated, drawn-out process. It doesn’t have to be. With the right guidance and modern solutions, legacy planning can be straightforward and accessible.
Unique Millennial Assets: Startups, Side Gigs, and Digital Assets
Unlike previous generations, millennials have unique forms of wealth that aren’t always tangible. For example:
- Startups and Small Businesses: Many millennials have launched their own businesses or startups. If you’re one of them, have you thought about who would inherit your stake in the company? How would your co-founders or business partners handle things if you were no longer around?
- Side Gigs and Freelancing: Side hustles are a hallmark of millennial culture. Whether you freelance on the side or own a small e-commerce store, these ventures are valuable assets that need to be considered in legacy planning.
- Digital Assets: From cryptocurrency holdings to social media accounts and digital content, many millennials possess digital assets. Who will manage your online presence or access your digital wallets in the event of an emergency? These assets may not be physical, but they still hold significant value.
With these diverse forms of wealth, legacy planning becomes crucial for millennials. It’s not just about physical property but also protecting the future of your business, intellectual property, and digital wealth.
Easy Steps to Create a Will Without the Hassle
Contrary to popular belief, creating a will doesn’t have to be a headache. Here’s how you can get started:
- List Your Assets: Start by listing everything you own, both physical and digital. Include property, business shares, investments, intellectual property, and any digital accounts that hold value (like cryptocurrency or monetized YouTube channels).
- Decide Who Gets What: Think about who you want to leave these assets to. Consider naming a trusted individual to handle your digital legacy, especially if you have sensitive online accounts or cryptocurrency.
- Choose an Executor: An executor is responsible for carrying out the terms of your will. Pick someone you trust who is capable of managing your legacy and ensuring your wishes are fulfilled.
- Use a Legacy Planning Solution: You don’t need to spend endless hours drafting a will. Digital solutions like **DWS’s Solon Basic Will** make it simple to create a legally binding will online. It’s designed to help millennials cover their basic needs without overwhelming complexity, offering a fast and convenient way to protect your assets.
- Review and Update: As your life changes—whether through marriage, the birth of a child, or new business ventures—it’s important to regularly review and update your will. What’s relevant today may not be sufficient in a few years.
Protect Your Future with DWS’s Solon Basic Will
Legacy planning is not just for the elderly or the wealthy. Millennials in Malaysia are accumulating significant assets, from startups to digital wealth, and it’s crucial to protect these interests with a solid plan. DWS Wealth Partners offers Solon Basic Will, a simple, hassle-free solution designed to help millennials secure their future. Whether you’re managing a side gig or navigating the world of cryptocurrency, this tool will guide you through every step, ensuring your loved ones are protected no matter what happens.
Don’t wait until tomorrow. Secure your future today with Solon Basic Will from DWS Wealth Partners.
