A will is a document that list all the assets that belong to a person’s estate, such as a home and material items. Upon that person’s passing, the will relays those assets to their proper beneficiaries. You may not think a young person needs a will, since they probably don’t have many assets after graduating from college or starting their first full-time job. However, a will is essential for young people if the unthinkable happens. Here’s a list of reasons why a young person needs a will.
They’re in the Military
When someone enlists in the military, they have to fill out paperwork that arranges their burial costs for their family. It’s also vital that service members file separate wills that list their affairs and appoint executors.
They Have a Pet
When someone passes unexpectedly, there often isn’t a clear way of knowing what should happen to their pet. Including your pet in a will can help your loved ones determine the proper care and placement if you were to die suddenly. Additionally, a will can also designate funds for the new guardian.
They Have Close Friends
As we grow up, we often become close to specific individuals and build family bonds with them even if we’re not blood related. There are laws that limit the distribution of assets, but giving some of our assets to those friends isn’t entirely impossible. A will can protect everyone you choose to inherit your assets.
The Unthinkable Happens
The unthinkable—such as car accidents and other tragic events—can always happen. Even if someone survives such an event, they can end up in a critical vegetative state or slip into a coma. The process of figuring out what to do with their assets must then go through a lengthy court process. This is one of the more critical reasons why a young person needs a will. You can also write up a health care directive or a living will that appoints a liaison who can make decisions on your behalf.
Before completing your college degree or pursuing a job, get in touch with a lawyer who can help you create a will and determine your beneficiaries.