As a young adult, you may wonder if you really need a will. After all, the stereotypical idea is that you only really need to start worrying about estate matters when you are older.
The truth of the matter is, everyone could benefit from a will. Even if you are young or single, you should still consider looking at the reasons why wills are so important.
Monitoring your loved one’s spending
Forbes examines reasons why everyone needs a will. First, it handles more than just “who gets what” after your death. In fact, many items never pass through your will, such as IRA or 401(k) accounts. After removing all of those items, you may not have much left that your will actually dictates.
A will also lets you determine when and how someone gets the assets you leave them. This is good if some of the recipients are minors or heavy spenders. You can ensure they do not blow the whole inheritance in one go.
If you have children, you can also use a will to appoint a guardian in the event of an unexpected, early death. You can also save estate taxes through a properly prepared will, which would otherwise end up taken out of your estate funds.
Coordinating with your executor
You have the ability to coordinate with your executor early through the preparation of a will, too. This is important since you need constant communication and understanding for a good relationship with said individual, as they will carry out the will after your death.
If you feel concerned about a complex process, do not worry. Creating a will is often easier than it looks, especially if you gain legal help.