Writing a will isn’t something that a young person thinks of doing regularly, if at all. When you feel as though you have years of life left to live and don’t particularly want to think about dying, the idea of writing a will is a daunting task. This topic can feel depressing or even a little frightening. Regardless of feelings around writing a will, wills are very beneficial documents, not only for the individual but also for their family and friends.
Why Young People Need To Write A Will
With other priorities like spending time with loved ones or working towards your career, writing a will is likely the last thing on your mind. It often slips your mind because you only hear about your parents or the elderly writing wills. Plenty of young single people also think that they don’t need to write a will until they get married or have kids, but more often than not, those who are single without a will can face even more complicated situations than if they were married.
We’ve compiled some of the main reasons writing a will as a young person is important.
If You Own Any Property
When deciding what happens to your home, you should determine who will inherit your property. It’s important not to let this decision be left up to chance or just by assumptions. If you plan ahead, you serve peace of mind and clarity to your loved ones after you’ve passed.
Take Care of Digital Assets or Social Media Accounts
A large majority of young adults have a presence on social media. Additionally, many have digital assets like cryptocurrencies, digital files on their computers or cloud accounts, websites, or domain names, among other things. If you don’t leave access to these accounts or know what to do with them, there is a likely chance they may be lost on the internet forever.
If You Own A Pet
It’s common for pet owners to include a plan for their animals in their wills. This can give you immense peace of mind, knowing that if you unfortunately die suddenly, your pets will be in the care of someone you trust. You can even go as far as directing the sale of some assets to the care of your pet.
Financial Accounts or Investments
Creating a will allows you to guarantee that your money and investments will go to the people you want to receive them. Designated beneficiaries are the only ones who can access your financial accounts and distribute your assets appropriately.
Ownership of Business
If you are a young entrepreneur with a business, you’ll want to designate ownership of the business clearly in your will. Planning ahead can create more security and make it easier for loved ones and co-owners. When you explicitly state who will inherit and manage your business’ assets, it prevents any confusion, disputes, or unintended situations. After working so hard to create your business, you’ll likely want to guard it in unforeseen circumstances.
If You Travel Abroad
Another way to prepare for an adventurous trip is to prepare a will, mainly if your experience includes mountain climbing, backpacking, or kayaking in distant, new places. With an adventurous spirit, it’s easy to leave everything at home and set off, but creating a will can offer peace of mind to you and your loved ones. Temporary wills are still considered legal wills with the intention of replacing them in the future.
Brackin Law Firm To Help Write Your Will
The sooner you create a will, the better. A life-changing event can happen in the blink of an eye. Death is a scary and uncomfortable subject, but the uncertainty and disarray that is caused when you die without a will can also cause challenges for your loved ones left behind to deal with. By creating a will as a young person, you safeguard the assets you have and take responsibility for what you’re leaving behind.
Do you need help creating a will in Alabama? Let us help you. Brackin Law Firm is here for you. Serving Baldwin County, we practice Criminal Defense, Family Law, Estate Planning, Elder Law, Automobile Injuries, and Real Estate Matters.
Contact us today and schedule a consultation. Let’s protect your future and create a will with your best interest in mind.