Estate planning may seem like a task reserved for older adults at times, but the truth is that making a will is an important step for everyone.
It is natural to focus more on immediate concerns like school, career and relationships as a young adult. However, creating a will provides peace of mind at any age.
Protecting assets
Even if someone does not consider themselves wealthy, they likely have assets that hold value. These can include savings accounts, investments, vehicles or even sentimental items like family heirlooms.
A will allows them to specify how they want their assets distributed in the event of their death. This ensures their belongings go to the individuals or causes they care about most.
Ensuring care for dependents
Many young adults have dependents, such as children, aging parents or even pets. A will enables people to designate guardianship for dependents who rely on them for care. Without a will in place, decisions about who will care for loved ones may fall to the courts, causing uncertainty and potential arguments among family members.
Minimizing stress for loved ones
Losing a loved one is already a difficult time, and having a clear will in place can ease the burden on family and friends. By clearly outlining their wishes, young adults prevent confusion and disagreements among surviving older relatives. This allows those individuals to focus on grieving and healing.
Expressing wishes
A will is an opportunity for a person to express wishes for the future. Whether someone has specific items they want to pass down or charitable causes they want to support, a will enables them to make a document that reflects their values and priorities. A young adult may not have their wishes written down in another legal document before this, making it even more important to create.
Death could feel overwhelming to think about for young adults. However, by taking the time to establish a will now, young adults can secure their legacy and provide clarity for their loved ones and children in the years to come.