As someone who is young, you may not think that it’s important for you to have a will. You don’t have children, barely have any property and don’t see any reason that you’d need one.
A will is an excellent legal document, though, and it can protect you in a few ways. A will details how you want to have your estate distributed. It addresses your wishes. It can take the guesswork out of the equation, so your family won’t have to go through that stress if you suddenly pass away. They will have your intentions right there in black and white.
When should you create a will?
There are a few triggering events that signal that it’s time for a will. These include:
- Divorcing or getting married, so you can add or remove a spouse from the will
- Having kids, so you can name a guardian and distribute property to them
- Buying a home, so you can plan for its distribution in later life
- Starting your own business, with a path to succession
- Going through a life-threatening situation (or dealing with a severe illness)
- Not having one, but you’re in your 20s, 30s or 40s
Anyone who is over 18 has the right to create a will and start estate planning. Though it might seem early, it’s a good idea to start putting together an estate plan as soon as possible. As your life changes, you can add or remove aspects of the estate plan to suit it.
A basic will is the simplest way to start your estate planning. Our website has more information on wills and why it’s important for you to create one regardless of your age.