Don’t Put it Off: Why You Need a Will, Even If You’re Young and Healthy!

More than half of Americans don’t have any of the essential estate planning documents such as a Will. There may be many explanations for this trend, but one of them likely lies in the current U.S. demographics. In 2019, Millennials are projected to overtake Baby Boomers as America’s largest demographic. Currently, they constitute about a quarter of the total U.S. population. And a grand majority of Millenials – up to 78%, according to one survey – do not have a valid Will in place.

If you are a Millennial and are reading this article, you might be asking yourself: “Why should I have a Will? After all, I’m still young and healthy. I’m single and don’t have any kids. And I don’t even have that much wealth to begin with.” Are there any reasons, though, not to put off estate planning for later even if all of the above applies to you? Yes, you need a Will even if you’re young, healthy, and single! In this article, we will present some reasons to create a Will every young Millennial should carefully consider.

You May Have More Assets Than You Realize

If you are in your late 20s or early 30s, it is natural that the size of your estate – or in simpler terms, your wealth – isn’t as big your parents or grandparents. Still, a careful analysis of your assets may reveal that you have more than your previously thought. For example, if you had continuous employment in the years after you graduated, you may have enjoyed benefits such as a 401(k) at work. You may also have some equity in real estate – even if you’re still paying off your mortgage, the initial down payment as well as every installment you have already paid counts as home equity.

By creating a Will, you can make sure that, upon your unexpected passing, these assets will be given to people you really care about. In order to make sure you aren’t overlooking anything, it is usually best to talk about your assets with a qualified lawyer or financial adviser.

Money Isn’t the Only Asset You May Possess

When someone says they don’t have enough assets to warrant creating a Will, they usually think only about their monetary assets. However, the possessions you have, even if relatively inexpensive when it comes to pure monetary value, may have a great sentimental value to your friends and family members. Without a Will, you will have no control over what happens with such personal items in the event of your untimely passing.

Additionally, if you are a young entrepreneur, you may be in possession of valuable intellectual property – such as ideas, designs, or inventions. Even if you didn’t have the chance to capitalize on them yet, such intangible assets are a part of your legacy that you may wish to – and, indeed, should – protect by the means of a Will.

Life is Unpredictable

If you are young and enjoy good health, it may be difficult to imagine that your circumstances may change both suddenly and drastically. However, realistically speaking, even as a young person you must be prepared for unexpected events such as an accident or a sudden illness. Life is as unpredictable as it is fragile. Therefore, taking measures to protect your loved ones and your legacy if you pass away unexpectedly is one of the true hallmarks of adulthood.

Turn to Experienced Professional for More Estate Planning Advice

Even though creating a Will is something that you shouldn’t put off, it is worth noting that young people may have different estate planning needs than the middle-aged or the elderly. Our attorneys at Luis E. Barreto & Associates, P.A. recognize that. That’s why we encourage you to contact us without delay. During a free initial consultation, we will talk about your specific estate planning situation and advise with regards to the legal tools that are most suited to your needs.

Written by Luis E. Barreto

Luis E. Barreto

Luis is a probate and guardianship litigator with over 23 years of experience in the field. Determination of heirs, will contests, breaches of fiduciary duty, removal of personal representatives, guardians and trustees are just some of the types of litigation he addresses. In addition, he administers non-contested estates and guardianships.