Picture the beautiful ring your grandmother gave you before she passed away. Now think about that ring, sold in an estate auction, on the finger of a random buyer. If you could prevent this situation, you would do everything in your power to do so, wouldn't you?
Writing a last will and testament directs your precious valuables to your most trusted loved ones. Doing so at a young age provides multiple benefits.
1. Your changing life is protected.
Adults in their early twenties generally experience life transformations. For the first time for many young adults, they will begin paying their bills, start their first professional positions and control their own income. Protection of your new assets through a will is essential. Changes to your will can easily be made as your family and wealth grows.
Though you are young and healthy, accidents and untimely deaths prove to be extremely common. In 2015, a study from the California Department of Health reported the highest death rate lies in the 20-24-year-old age range. Unintentional deaths like drowning and motor vehicle accidents top the list, and nearly one-third Hispanic/Latino youths reportedly die in their early twenties. Writing a will makes it easy to delegate valuables should you fall into the shocking statistics.
2. Your will shields more than money in the bank.
Perhaps you are unmarried and have no children. Student loans and new bills lower your ability to save cash, and you don't feel it is necessary to allocate your little money to loved ones. Yet, you live in a home, own a car and take care of a pet.
Wills provide the opportunity to distribute property, gifts and even animals to the best individuals after your death. For most, pets hold a vital role in the lives of young people, and leaving them in the hands of estate salesmen could be a detriment to your animal. Wills give you the choice of a safe environment for your pet should a devastating accident occur.
3. You ease the burden of family and friends.
Intestate succession, or dying without a will, allows for various enacted laws to overpower the wishes of your closest friends and family. Without a will, many of your precious items would be distributed by a court. Family members may believe they hold the right to belongings like your photos, vehicles and family heirlooms, but without you to verify, the court determines otherwise.
You may leave your loved ones in a battle for your possessions. A last testament relieves substantial heartache and confusion among family and friends by providing undisputed documentation.
Writing a will protects your belongings, loved ones and legacy.