Estate Planning in Your 20s & 30s: Why Young Adults Need a Will

Wills are meant to provide instructions on important topics after your death. As a result, many people assume that wills should be directed towards retirees or people much later in life.

The incentive to procrastinate is strong. After all, if you are in your 20’s or 30’s, you are probably not in any rush to get your affairs in order. But even if that is the case, it still is a good idea to create a will now.

Protecting Assets Like Savings, Retirement, and Real Estate

Many younger adults already have assets, even if they do not think of them that way. This may include things such as savings accounts, retirement accounts, a car, sentimental belongings, or even a home. Without proper planning, those assets may be distributed according to default state law rather than your own preferences. As time passes and you accumulate even more things, it becomes even more important to properly plan with a will.

Aside from financial assets, you may also have children you need to care for. In that case, a will is necessary to ensure your wishes are respected when it comes to childcare.

Life Changes Can Happen Earlier Than Expected

People go through life-changing milestones throughout their lives. For example, having children is a big decision that changes the family dynamic forever. Buying a house, moving cities and planting your roots in a new neighborhood is also a big step. Thinking about starting a business? That’s a big deal too.

These changes can often happen much earlier in life than people predict. However, these changes are also natural points in life to consider and plan for the future. Planning for the future requires you to take stock of what you have today, and a will is one tool to help you. Having a will takes away some of the guesswork later on in life, and it can give you peace of mind knowing that there is a plan in place.

As you move on through life and encounter more changes, it is good practice to reevaluate your own situation and update your will accordingly. It is always better to make a plan before you actually need one.

Making A Will Doesn’t Need To Be Complicated

A lot of young adults delay making a will because they are afraid of the legal jargon or believe the process will be a huge pain. This might be true for someone with a particularly complex web of financial assets, but for younger adults with straightforward circumstances, the process should be relatively simple. One afternoon would be all that is required to jot down the basics and ensure you have a proper framework moving forward.

Additionally, there is basically no downside to making a will now. You are not locked in when you create a will. When you create a will and sign it, you are free to revoke or update the will at any time and create a new version. This is especially helpful given that personal circumstances change all the time. You can rest assured that your will always applies to your current situation because you can easily include incremental updates as you move on through life.