The term Millennial refers to those born between 1980 and 1996 – a generation that came of age at the millennium, is well-travelled, well-educated and potentially struggling to get on the property ladder. Their younger cohort, Generation Z (born between 1997 and 2012) are digital natives, who are pragmatic and conscious of health and social issues.
Personal Law
At Brodies we are skilled in providing legal advice to different generations and are sensitive to the unique needs of younger clients. Our digital will writing platform, Wills by Brodies provides an online service for wills, powers of attorney and living wills. The service is popular among younger clients, keen to conduct their life admin via online methods.
We also meet the needs of millennials and gen-z by tailoring our legal documents to suit the needs and circumstances of each client. We understand the importance of inclusive language; can attend to the succession of digital assets; provision in wills for future children; and advising cohabiting couples on how best to structure their wills using trusts.
We aim to future-proof the solutions we provide for younger clients and always encourage our clients to look ahead as to how their circumstances may change in the coming years; for example, by selling a business interest or receiving an inheritance.
Given many millennials are now entering their 40s, they may stand to inherit wealth from older generations when they are in their 50s, 60s or beyond. We encourage our clients to have open and honest discussions with their loved ones about estate planning.
Many older clients are conscious about protecting their wealth for their children, but maybe overlook the benefits of passing on the wealth earlier as opposed to on death. Transferring wealth when clients are younger can have benefits for both the child in terms of access to funds; and the parents in terms of mitigating potential tax consequences. At Brodies we are experienced in advising families across the generations and welcome meetings with our clients together with their loved ones, to come up with solutions that benefit the whole family.
Family Law
Figures from the Office of National Statistics show that cohabiting families have increased as a portion of all families over the last decade. This means that it is increasingly likely that millennials and gen-z will embark upon a cohabiting relationship during their lifetimes. It is important that millennials and gen-z clients understand their rights and the potential legal consequences of cohabiting with a partner. It's important that clients are aware that the rights of cohabitants differ markedly from those of married couples. At Brodies we are experienced in advising our clients on what they need to know about their rights as cohabitants.
It is also increasingly common for millennials and gen-z clients to co-parent their children following a separation. In 2022 it was estimated that there are 2.5 million separated families in Great Britain and 4 million children in those separated families. We regularly support our clients with advice on co-parenting post separation.
With more couples settling down later in life this means that millennials and gen-z couples should consider protecting wealth when they marry or begin living together. This can be in the form of cohabitation agreements, pre nuptial agreements or post nuptial agreements. Our family lawyers have extensive experience of drafting prenuptial and postnuptial agreements for couples living in Scotland, or couples with Scottish connections living in the rest of the UK, and abroad.
Contributors
Senior Solicitor
Senior Solicitor