As a young adult, you may not have estate planning as a top priority. You may erroneously believe estate planning is for older adults, but this is untrue.
What age should you consider planning your estate? Under the law, if you are 18, you can write a will. Take a look at some of the reasons why sooner is better than later.
Do you have personal items you want to give someone?
Even in young adulthood, you may have acquired personal items that you want to leave to a specific person. Whether it is a piece of jewelry or an item of clothing, a will allows you to designate who gets what.
Did you purchase a home?
As soon as you acquire property, whether you bought it or someone gifted it to you, possibly even through a will, you want to draft a will. When you own property in your name alone, a court proceeding, known as a probate or administration proceeding, is required in order to transfer these assets to your heirs and/or beneficiaries. If you do not have a will, New York Law provides for who receives your property. A will gives the court a plan to follow.
Do you have children?
When you become a parent, you become responsible for caring for your children until they reach 18. A will allows you to designate the person or persons you entrust your children to should you die unexpectedly. If you did not create a will before having a child, you definitely should afterward.
Planning for your death is not an exciting prospect, but necessary. Putting your family’s needs first and ensuring you care for them should push you toward starting an estate plan early.