As a young adult navigating the journey into independence, the thought of drafting a will may seem like a task reserved for later stages of life. However, thinking about your mortality and considering the importance of estate planning can help you.
While the concept of a will may feel distant, there are compelling reasons why establishing one early on is a wise decision.
Protecting your assets
In the hustle and bustle of daily life, it is easy to overlook the value of your possessions. Whether you own a car, a savings account or even sentimental items, a will helps you describe how you want others to distribute your assets. Without one, the state may decide where your belongings go, potentially leading to unintended consequences.
For young adults with dependents, whether children or pets, a will provides an opportunity to designate guardianship. This ensures that responsible individuals, chosen by you, will take on the responsibility of caring for those who rely on you.
Avoiding legal complications
Intestate succession, the legal process that occurs when someone dies without a will, can lead to lengthy and complicated legal proceedings. By having a will in place, you reduce the risk of your estate being subject to this. This action can potentially save your loved ones from a legal battle during an already emotionally challenging time.
Expressing personal wishes
Beyond the legalities, a will allows you to articulate your personal wishes. From specific items you would like to pass on to sentimental messages, your will serves as a tangible expression of your values and desires. It provides a unique opportunity to leave a lasting legacy that reflects who you are and what matters most to you.
As of 2019, Millennials, Gen Z and anyone younger than those groups make up 50.7% of the American population. As a young person, taking this proactive step for the future can offer peace of mind and stability to yourself and your loved ones.