As a young adult, it may seem like estate planning and creating a will is something that can wait until you’re older. However, the truth is that creating a will is an important step for anyone, regardless of age. In this blog, we’ll go over some of the key considerations that young adults should keep in mind when creating a will.

Why Create a Will?

First, let’s start with why you should create a will in the first place. A will is a legal document that outlines how you want your assets to be distributed after your death. Without a will, the distribution of your assets will be left up to state law, which may not align with your wishes. Additionally, a will can also help you name guardians for any minor children you have, as well as provide instructions for your funeral or other final arrangements.

What to Consider When Creating a Will

Now that we’ve covered why creating a will is important, let’s look at some of the key things to consider when creating one.

Your Assets

One of the first things you’ll need to consider when creating a will is what assets you have. This includes things like bank accounts, investments, real estate, vehicles, and personal property. Make a list of all your assets and think about how you want them to be distributed after your death.

Beneficiaries

Next, you’ll need to decide who you want to leave your assets to. This can include family members, friends, charities, or other organizations. Make sure you have the correct legal names and contact information for each beneficiary.

Executors and Trustees

Your will should also name an executor, who will be responsible for carrying out the instructions in your will after your death. This person should be someone you trust and who is willing to take on this responsibility. If you have minor children, you may also need to name a trustee who will manage any assets you leave to them until they reach a certain age.

Guardianship

If you have minor children, it’s important to name a guardian in your will. This person will be responsible for caring for your children if you pass away before they reach adulthood. Make sure you discuss this with the person you want to name as guardian to ensure they are willing to take on this responsibility.

Digital Assets

In today’s digital age, it’s important to also consider your digital assets when creating a will. This can include things like social media accounts, online banking and investment accounts, and digital files like photos and documents. Make sure you have a plan for how you want these assets to be handled after your death.

Changes to Your Will

Finally, it’s important to remember that your will is not set in stone. You can make changes to it at any time, as long as you are of sound mind and meet the legal requirements for making changes. Make sure you review your will periodically and update it as needed to ensure it still reflects your wishes.

Creating a will may not be something you want to think about as a young adult, but it’s an important step to take to ensure your assets are distributed according to your wishes. By considering the factors above and working with an experienced estate planning attorney, you can create a will that provides peace of mind for you and your loved ones.