If you are like many young people, the thought of making your will might not often cross your mind. You may not have considered estate planning at all. After all, creating a will or trust is for Kansas residents who are retired or have significant or complex assets, right? You might be surprised to learn that you are never too young to start thinking about making your will after you have reached adulthood.
When you are just starting out in your career, you might not have much in the way of property, money, retirement funds or other items to put in your will, but estate planning often involves more than the inheritance you leave your loved ones. In fact, you can begin building your estate as soon as you move out of your parents’ home and start work. Significant life events, such as getting married and having children, will also affect your long-term estate planning.
The following points can give you an example of what you, as a young adult, might include in your will:
- It can be a good idea to name the beneficiary of your life insurance, retirement plan and savings account. Usually, this would go to your spouse, or to your closest relative if you are not married, but it never hurts to outline your wishes in your will.
- If you have children, you will want to appoint someone as their guardian and property custodian if you and your spouse die before they are grown.
- Your estate can grow before you realize it. You might want to outline how you would like to divide such items as your car, jewelry, household items and heirlooms.
- If you get a divorce or remarry, you will want to update your will as soon as possible.
Dying without leaving a will is known as dying intestate, according to CNN Money. If this happens, your estate will go to probate, and it may take months before your loved ones see any resolution. No matter how old or young you are, having a current will can give you peace of mind.