money management

Why 20-somethings need a Will

20will
Written by TK

You may not be thinking about estate planning, but the truth is there are several reasons why millennials need a Will.

If you’re in your 20’s the last thing on your mind is probably creating a Will.  It’s a little bit morbid to think about planning your own final arrangements and when you’re young you think you’re going to live forever.  However the truth is we just never know what can happen in life and it’s always better to be prepared than to leave your family stranded if something bad should happen.

Here are five reasons whey millennials need a Will:

Make sure your assets are properly distributed

You may not have a lot of money saved up in your 20s, but even if you have $1 you want to make sure that goes to whoever you choose, right?  You probably have other assets that you don’t even consider to be yours, but they’re there.

If you work and have life insurance or a group savings plan with your employer a Will can help make sure that money goes to the right person in the event something happens to you.

Your final arrangements need to be taken care of

The last thing you want to picture is what happens to you after you’re gone, but you’re an adult now and it’s time to put on your big girl pants and deal with real life situations, this is one of them.

Your family will be in mourning after you’re gone and someone has to take care of making final arrangements for you.  It’s a lot easier for them to get through the tough time if they have clear instructions of what to do.  They most likely won’t be able to think clear and make too many decisions because they won’t be in the right frame of mind to do so while grieving.

Say a final good-bye to family and friends

You need a Will to leave instructions for final arrangements and money distribution, but it’s also a way to say a last good-bye to your family and friends.  If there are any final words you would like to leave behind a Will can be the way to do so.

You don’t want to leave a financial burden for your family

According to Kiplinger ” You’re never too young to do some basic estate planning. Drawing up a simple plan can be one of the best gifts you can give to your family and friends. Without it, your spouse, parents, partner or other loved ones could spend countless hours and dollars battling courts and each other to carry out what they think you would have wanted in the event of your death or a medical situation.”

Let your loved ones know you created a Will

You just never know what can happen in life and that’s why it’s important at any age to create a Will and keep it updated.  Let your family know that you drafted a Will and even give them a copy.  It can cost money for survivors to search for a Will and then get access to it.  If you keep your loved ones up to date on your financial dealings the process can be a lot easier.

 

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TK

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