If you are about to graduate from high school, you probably are looking forward to starting the next chapter of your life. Whether you plan to attend college, go to a trade school or immediately enter the workforce, your early 20s are sure to come with some major life changes.
It is not uncommon for Americans to put off writing their wills. In fact, according to a report from CNBC, 67% of adults in the U.S. do not have any type of estate plan. Still, your college years offer an optimal time to draft your first will.
What does a will do?
A will is simply your instructions for distributing your property after your death.
When you are in college, you are likely to begin to acquire assets. These may be your personal belongings, real property, investments or something else. If you want to protect your new wealth, writing a will is a good idea.
Do you have time to write a will?
Pursuing a higher education takes a substantial amount of time and effort. Even though your college years may seem to be busier than ever, you should take some time to write a will. After all, by beginning the estate planning process early in adulthood, you have a framework to follow for the rest of your life.
As you acquire additional wealth, you can simply update your will instead of starting from scratch. Ultimately, because writing your first will may not take as long as you expect, you may want to put pen to paper even before your freshman year begins.