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Why do young adults need wills?

On Behalf of | Mar 11, 2024 | Estate Planning

The idea that wills are only necessary for older individuals is a common misconception. Citizens under a certain age tend to believe they can put off having such a document until later.

However, there are compelling reasons why younger persons should have a will. After all, tragedy can strike anyone at any time.

Distributing assets

Even young folk possess bank accounts, vehicles and cryptocurrency. While often less robust in comparison with the portfolios of their elders, their assets still have value. A will specifies what happens with these assets in the event of death.

Designating guardianship

Wills are a fundamental building block of estate planning, which includes personal matters such as advanced health care directives. Similarly, new mothers and fathers may assign custody arrangements for minors in case both parents pass away. Otherwise, the court may end up deciding who will become the caretaker.

Avoiding intestacy laws

State intestacy laws dictate the distribution of estates when there is no will. Creating one ensures control over the disbursement of money and property rather than leaving it up to the government.

Minimizing family disputes

Absent a will, disagreements among relatives may arise, leading to intense arguments and regrettable legal battles. A clear and legally binding document helps minimize these possibilities and provides certainty to loved ones during a difficult time.

Addressing digital ownership

In today’s electronic age, many younger people have social media accounts, domain names and intellectual rights that are dear to them. A will can include instructions on how to manage, distribute or shut down these virtual properties.

While it may seem premature for those in the prime of their lives to write a will, there is no shortage of arguments for why they ought to. Beyond the practical justifications for having one in place, a will provides invaluable peace of mind.