Studies show that 78% of millennials (ages 18-36) and 64% of Generation X-ers (ages 37-52) do not have a will. By contrast, 82% of those 72 and older and 58% of baby boomers (ages 53-71) do have an estate plan.
While seniors are usually prepared for the worst, younger people tend to put off thinking about such a morbid topic. What is the point of creating a will when you are still deciding how you will earn a living?
Believe it or not, this may be the best time for you to create an estate plan. If you have a child, valuable belongings, or any assets or bank accounts, it will save your loved ones a great deal of trouble if the unthinkable happens. And you may be surprised at how easy it is to write a will.
You Have Stuff
When an unmarried person without children dies without a will, their assets usually go to their parents. You may have siblings, charity groups, or close friends that you wish to leave your net worth to in the unlikely event of your passing.
A will can be created by anyone who is at least 18 years old. If you have money that you will inherit one day, your trust fund will be dispensed slowly and painfully if you do not have an estate plan in place.
You will want to name a beneficiary and an alternate beneficiary for your money, car, and apartment. Enlisting the help of an estate attorney will help ensure your documents are drawn up legally and safely.
You can also create our own will by checking out templates online, but be sure to have a qualified attorney look it over. It will need to state that it is your last will and testament and that you are of sound mind and body. The document should also be signed by two witnesses who have no vested interest in it.
You can continue to revisit and amend your will, preferably with the assistance of an attorney. Life-changing events, such as getting married, purchasing a home, or having a baby, can all affect the way you structure the document.
You Have Dependants
If you have a child, you will want to be sure they are cared for by your guardian of choice in the unlikely event that both you and your significant other passes away. Otherwise, relatives and friends could end up fighting for years over your child’s custody arrangements.
Even pets need to be assured they will have a home. There is no guarantee your animal will go to the proper owner unless you state your wishes in writing.
You Have Trusted Friends
In estate documents, individuals can name a power of attorney who can make legal decisions on your behalf in the event you are in a persistent vegetative state. You will want to have your desires in writing, such as an order not to resuscitate. Your power of attorney can be a trusted friend or family member who will see to it your wishes are carried out as you stated.
You are also permitted to name an executor of your will who will carry out the administration of your orders if the unthinkable occurs. Be sure to choose someone responsible, fair, and patient.
You Can Write a Will
It is never too early to write a will. If you have a child, a bank account, or any thoughts about what should happen to them, now is the time to get it on paper.
For more information, contact us today.