Indian millennials are increasingly getting familiar with digital financial life, including digital credit and debit card payments. Whether for short-term or long-term goals, millennials prefer digital financial products and other digital assets.
The entire wrath of the existence of the millennials is reliable on digital media. Their digital footprints are further guarded by online passwords and verification codes. With such a digital-savvy existence, it’s high time for millennials to rethink their digital legacies.
In this blog, we’ll talk about why millennials should rethink safeguarding their digital assets and how can one do that.
Rethinking Estate Plans
The pandemic was a wake-up call for the millennials to rethink their plans in life, including the most difficult decisions like finances and assets. Making a Will may not be the first thing that comes to mind when life is ideal. But now that the pandemic has made us all realise the depth of how far the unforeseen can go, it’s your call to plan your digital legacies well.
More than half the millennials out there still haven’t written a Will. The reasons are manifold – lack of time, lack of knowledge, ignorance, or confusion. But the pandemic did one good thing to all – made them realise the importance of future planning.
Discuss the Taboo Topics
Nobody likes to hear that their death might be near or that everyone’s going to die one day, even if it’s the harsh truth. Indian society considers money talking or discussions about property as taboo. But the millennials realise that these taboo topics are to be discussed if you want a secure future with everyone in the know.
Most millennials are unaware of their parents’ passwords to their online accounts. Imagine something unfortunate happens and you need access to those accounts. What’s the solution?
With numerous online accounts and the responsibility of looking after your aged parents and family, preparing a Will is the wise decision. Consider directing how your digital executor can manage your digital assets in your Will after you.
Wrapping up an entire line of property is a daunting task. And truth be told, millennials aren’t all set to prepare for the next generation. So, getting an executor to look into your digital and physical assets is one way to go about it.
The pandemic was an eye-opener for the millennials to their approach to estate planning, future security, handling finances, and guarding digital assets. With increasing digital footprints today, the ideal way to be prepared is to discuss uncomfortable topics and let your entire family know about your plans.
Being in the sandwich generation where you, as a millennial, need to look after yourselves and your parents, weigh down your responsibilities by planning smartly.
With everything going online, consider writing your Will digitally and rethink your digital legacies. Not only will this decision be a saviour for yourself, but also the best decision for your family and the future.
After all, who knows about the future? The best you can do is stay prepared for the worst and handle things wisely.
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