Many young adults think they do not need a will because they do not have a lot of assets. Your need for a will does not depend on your net wealth and a will can help you take care of the people you love should the unexpected occur. If you are 18 years old or older, it is not too early to execute a will.
Young adults can benefit from having a will for several reasons. First, you can decide who gets your assets in your will. Many people think their spouse, significant other, parents, or siblings will automatically inherit their assets when they die, but this is not necessarily true. If you die without a will (“intestate”), the court will decide this for you according to the laws in the state in which you reside. Two well-known artists recently passed away without a will: Prince and Aretha Franklin. The value of their assets may be higher than yours, but the battle over your estate could be similar to the battles over their estates, with multiple family members, friends, or others claiming a right to your assets if you die without a will.
Please keep in mind that your assets might include vehicles, a condominium or house, bank accounts, retirement accounts, investments, life insurance policies, and more. You may be able to list beneficiaries on some of your assets or title them in such a way that they can pass directly to the people you want to receive them, but if not, having a will can ensure the people you want to inherit your assets actually receive them.
Second, in your will, you can name the person you want to handle your estate and distribute your assets according to your wishes. In Arizona, this person is known as your personal representative. Personal representatives are also sometimes referred to as executors. It is a good idea to name an alternate personal representative in case the first person you name is unable or unwilling to serve in this capacity.
Third, you can name in your will who you want to serve as your minor children’s guardian should both you and your children’s other parent(s) die. This way, you get to decide who will care for your children and manage the property you leave to them. Otherwise, the court will decide this for you, and it might not be the person you would want raising your children. It can also get chaotic if multiple family members want to become the guardian of your children.
Once you have your will and/or other estate planning documents in place, it is a good idea to periodically review them and update them if necessary. Some common reasons to update a will include getting married, having children, or moving out of state, as laws very from state to state.
Probate (the legal process by which your estate is distributed) can take as little as six months and up to 18 months or more. Small estates can sometimes bypass probate, and trusts are a useful way to avoid the time and expense of probate.
Other estate planning documents are helpful should you become incapacitated due to illness or injury. You can determine who will make healthcare and financial decisions on your behalf by establishing Powers of Attorney. These estate planning tools can help avoid the time and cost it takes to go to court to establish a conservatorship and/or guardianship to manage your affairs.
The Carroll Law Firm can help you execute all of your estate planning documents. We offer free estate planning consultations with experienced attorneys and legal assistants. Whether you are just starting out, wondering what additional documents you need, or are looking to update to your documents, we can help with all of your estate planning needs. If you are interested in scheduling an estate planning consultation, please call us today at 623-551-9366!
