Are you too young to have a will? If you are an adult, the answer is no. You may not have a home or a stock portfolio yet. Nonetheless, you may want to give more than a passing glance to your future.
As a young adult, your parents can no longer make health decisions on your behalf, unless you would like them to do so. Creating a health care proxy allows another to make health care choices when you are unable to do so yourself. If you are away at college or even still living in your parental home, having a go-to person can save valuable time in emergencies. This will facilitate your receiving the appropriate care in a timely manner.
The rules of intestacy will determine who inherits your things. Upon marriage, your spouse becomes the primary heir, followed by your descendants. Assuming that you are a young, unmarried adult with no children, your parents will get everything if you were to die intestate. If your parents have predeceased you, the estate will be split equally by your siblings.
Certain sentimental items may mean more to a friend than a family member. A younger cousin could possibly derive a greater benefit from your fishing gear than anyone else in the family. Creating a will allows you to give what you want to whom you want. These documents need not be elaborate and can be created relatively inexpensively. You can always change them later, and if you are like most people you will.
- An Overview of Estate Planning With Life Insurance - April 21, 2021
- Share Final Arrangement Preferences in Your Estate Plan - April 12, 2021
- Do You Still Control Property in a Living Trust? - March 31, 2021