If you’re youthful and in good health, it may be tough to see why you need a Will now as a young adult. The COVID-19 Pandemic has changed the nation’s perspective on many things, and estate planning is one of them.
Younger adults were much more motivated by COVID-19 to engage in the estate planning process than the older generations. 1 out of 3 people said that COVID caused them to see a greater need for an estate plan, but 31% of those who saw a greater need didn’t do anything about it.
When you’re young, you may not think you have many assets to leave behind, but you may have a home, some savings, jewelry, and a car, amongst other things. For young people, covering digital assets may be especially important. Your Will can include access to photos, blogs, music, movies, video games, PayPal accounts, and other digital aspects of your life.
Deciding at what age you should write a Will is a personal decision, but there are specific practical considerations that can help you determine when the time is right. Here are four reasons for young people to have a Will, and they have very little to do with money.
You want to choose who your assets go to
If you do not have a Will, some laws determine to who your assets are distributed to. These are referred to as the intestate succession laws. The benefit of having a Will is that you can choose who receives your assets, as opposed to the administration of your assets being determined by the state. Additionally, the time to administer your estate may be shorter than if you did not have a Will, providing some relief to your family.
Helps you adapt to life changes
Whether you’ve recently gotten married, started your own business, or bought a house, it’s vital that you draft a Will that contemplates those changes. Who is entitled to your house if you pass away? Who will take care of your pet if something happens to you? These are important questions that your lawyer will help you answer when drafting your Will.
You have a pet
It’s common for people to include plans for their pets in their Will. If the unthinkable were to happen and you died unexpectedly, what would happen to your beloved pet? You can even direct the sale of specific assets, with the proceeds going to your pet’s new guardian for upkeep expenses.
You are entering the military
If you are entering the military at 18 or any other age, you should make sure your affairs are in order. Even for an 18-year-old, that means creating a will and other primary estate planning documents like a health care directive and powers of attorney.
Estate planning has many benefits, no matter your age or amount of assets and debts. The above reasons why young adults need estate planning are just a few examples. Contact us today for a free consultation!