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I am still young, so why would I need a will?

On Behalf of | Mar 9, 2021 | Estate Planning

You may think you are too young for a will, but no one knows what may happen from one day to the next. A devastating accident or illness could occur at any time, and this is where a will comes in. 

Even if you do not have much (or any) wealth to distribute, you need to designate those who will take care of things when you are not able to. 

About your assets

A will carries your instructions about the disposition of your assets if you should die. You may feel you have no assets of any value but take a look around. What about your car, your house and the contents of your checking and savings accounts? These are assets, and you probably have more. Who should get them if you should die? 

Family and friends first

If you have a young family, preparing a will would ensure that your estate goes to your spouse and child after your death. If you are one-half of an unmarried couple, your will would give your partner the legal right to administer your estate or receive the assets you designate. Otherwise, everything would go to your biological family. 

Further security

You can also create a guardianship plan naming the people who would raise your child in the event you and the other parent died together in an accident. In addition to your will, you might also consider setting up medical and financial powers of attorney. This means appointing someone you trust to make medical and financial decisions on your behalf if you should become incapacitated. 

First steps

Remember that changes happen in life, and critical events occur unexpectedly. When you are still young, creating your will is the first and most important step in protecting yourself and those you love. Other estate planning tools are available as you need them.