Even young working adults put in some consideration when it comes to retirement plans, but very few give any thought to drafting a last will and testament. Having a will, regardless of your age, is very important. When most people think about wills, the image that comes to mind is that of a senior retiree who has spent their whole life amassing assets. However, even though it is important for seniors to have a will, it is a good idea even for young adults, especially if they are starting a family. Here are some of the reasons why you should make estate planning a priority.
You Name a Guardian for Your Children
A will is not just a document where you divide your money and assets. It is also the last place where you can nominate a guardian for your minor children. If you have young kids, it should be reason enough to draft a will, so you can ensure they are left in the right care. It is not always a good idea for the court to decide.
You Nominate an Executor
One of the most important reasons why estate planning is crucial is that when you pass away, you will have the right person managing your estate. If you have a person you already trust, you can name them as executor in the will. Again, the court will have to decide on your behalf if you do not.
You Decide Who Keeps What You Have
This is the most common reason to draft a will. You need to decide who should get whatever you own, such as property, while you are still alive. You might want to leave everything to your spouse or a specific child, but without a will, the court may decide otherwise.
You Will Have a Backup Plan for Your Living Trust
If you already have a living trust, you might think you do not need a will. However, a will can include anything that is not included in the trust. For instance, you might have recently acquired property that is not included in the trust.
You Will Save on Taxes, Fees, and Court Cases
With a good estate plan, you can save a lot on taxes, court fees, and other fees. Your savings are very important, especially if you are just starting out. It would not be worth it if a part of it goes to these costs.
Life does not come with any guaranteed, either for the young or old. As much as you hope for the best, always be prepared for anything. Drafting your last will and testament and updating it when the need arises is one of the best things you can do for your loved ones. For more information, contact local estate planning services.