Estate planning probably isn’t the first thing that comes to mind when you think about priorities in your 20s and 30s. For many millennials, it feels like something reserved for future decades—a task for retirees or those with vast wealth. However, estate planning is far more relevant than you might expect, especially given the unique challenges millennials face, such as managing student debt, navigating digital assets, and making healthcare decisions.

Having a solid estate plan isn’t just about what happens after death—it’s about protecting your financial future, ensuring control over key decisions, and safeguarding loved ones in times of uncertainty. For Canadian millennials, taking this step now can offer security, clarity, and even financial benefits.

This blog will walk you through the basics of estate planning and uncover five compelling reasons why millennials should make it a priority. Whether you’re just starting out or already managing a growing list of responsibilities, you’ll gain actionable insights to start planning today.

What is Estate Planning?

At its core, estate planning is about creating a strategy to manage and allocate your assets, debts, and personal preferences in life and beyond. It isn’t only for the wealthy; it applies to anyone who owns property, maintains a savings account, or has digital assets.

Key elements of estate planning often include:

A Will: Specifies how your assets will be distributed and names an executor to manage your estate.
Power of Attorney (POA): Appoints someone you trust to make financial or legal decisions on your behalf if you’re unable to.
Healthcare Directives: Outlines your preferences for medical treatment and appoints someone to make decisions in emergencies.

For young Canadians, estate planning can address daily realities—like ensuring your partner has access to shared accounts, arranging guardianship for children, or deciding what happens to your social media or cryptocurrency accounts.

Now, let’s explore five reasons why millennials shouldn’t wait to start planning.

Why Millennials Should Start Thinking About Estate Planning

Now, let’s explore five reasons why millennials shouldn’t wait to start planning.

1. Protecting Loved Ones

Life is unpredictable, and making plans now can protect the people who matter most to you. Whether it’s family members, close friends, or a partner, estate planning allows you to:

Designate who will receive your assets, whether a savings account, car, or sentimental heirloom.
Appoint legal guardians for your children or dependents to ensure they are cared for by someone you trust.
Avoid legal disputes between family members by clearly outlining your wishes.

By having a will and other legal documents in place, you can spare your loved ones unnecessary stress during already difficult times.

2. Addressing Student Loans and Other Debts

Millennials carry significant financial burdens, including mortgage payments and substantial student loans. But what happens to those debts after someone passes away?

Estate planning ensures your finances are properly managed. For example:

Federally issued student loans in Canada are typically discharged upon death. However, private loans or cosigned debts may not follow the same rules and could affect family members.
A clear estate plan can shield your loved ones from confusion or unexpected financial responsibilities.
Allocating assets or savings specifically to cover any remaining debts can further ease the burden on family or heirs.

Knowing your debts won’t become someone else’s responsibility offers peace of mind, both for you and your family.

3. Planning for Digital Assets

Do you want your Instagram account memorialized? What happens to your cryptocurrency wallet or online business if something happens to you? Digital assets are a significant concern for millennials, but might be overlooked in traditional estate planning.

Creating a plan for your digital presence ensures clarity:

Appoint someone to manage, access, or deactivate your accounts.
Include instructions for key assets, from cloud storage files to investment platforms.
Protect sensitive information like passwords or intellectual property.

Having a plan not only secures your digital legacy but also prevents potential misuse of your accounts.

4. Health and Power of Attorney Decisions

No one likes to imagine a scenario where they’re incapable of making decisions. However, appointing a Power of Attorney and detailing healthcare directives ensures your preferences are respected if the unexpected happens.

Some considerations include:

Designating a trusted individual who can manage your finances if you’re incapacitated.
Specifying medical treatments you’d want or want to avoid in end-of-life situations.
Giving clear instructions for life support, organ donation, or other critical healthcare choices.

Advanced care planning isn’t just practical; it offers family members guidance and emotional relief in difficult times.

5. Taking Advantage of Tax Benefits

Estate planning is one of the most effective ways to reduce taxes and maximize financial benefits for your heirs. For Canadians, a thoughtful plan can:

Minimize estate taxes by leveraging strategies like trusts or charitable donations.
Ensure your beneficiaries receive the maximum possible inheritance by avoiding penalties.
Establish tax-efficient ways to transfer property or assets.

For example, naming a registered beneficiary for your RRSP (Registered Retirement Savings Plan) or other financial accounts can bypass probate fees and ensure funds go directly to the intended recipient without delays.

Tips for Estate Planning

If you’re motivated to take the next steps, here are a few ways to get started:

1. Start Small

Begin with a basic will using Canadian-friendly legal tools or online platforms. It can be as simple as specifying who gets your assets and naming an executor.

2. Seek Professional Help

Consider consulting an estate lawyer to ensure your plan aligns with Canadian laws and includes all important areas.

3. Keep it Updated

Life changes—marriages, children, property purchases. Revisit your plan regularly to incorporate new assets or responsibilities.

4. Communicate Your Plan

Share your intentions with loved ones or executors to ensure clarity and avoid potential disputes down the line.

Why Millennials Can’t Afford to Wait

Estate planning isn’t just a box to check later in life—it’s a vital tool that offers peace of mind, protects those you care about, and ensures your wishes are honored. By starting early, millennials can address their unique challenges, from student loans to digital assets, while building a secure financial foundation for themselves and their families.

Don’t wait to get started. Contact Lamprey Law today for personalized advice and guidance tailored to Canadian millennials. Together, we’ll help you take control of your future.