All Adults Need a Will, No Matter Your Stage in Life
Posted on Aug 03, 2019
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Do you have a Will? Perhaps you don’t think you need one yet. When you hear the word “Will,” it probably conjures up an image of elderly grandparents dividing their possessions to make sure their loved ones get what they want after their deaths. It sounds like a lot of hassle that is only a concern for someone who has lived a long life. “Sure,” you may be saying, “I need a Will, but I don’t need it yet. I’ll get around to that later in life, when a Will is more important and more timely.”
Did you know that it isn’t just the elderly who need a Will? Anybody who has people they love and possessions they care about would benefit from creating a Will. In a Will, you can do much more than simply stipulate who gets what. Parents can provide for their minor children, adults can decide what will happen to their pets when they are gone, and even millennials can find great peace of mind in creating a Will.
Why young adults should consider having a will.
If you are a millennial, you are probably questioning that last statement. However, millennials need a Will just as much as any other age group. While they are full of energy, young adults love to travel around the country or even the world. They will have many thrilling adventures; they will also find that their risk of injury, illness and death greatly increases. A Will safeguards a millennial’s assets as they explore the world.
Even childless adults may have concerns beyond simply dividing their possessions. Many pet owners would do anything to ensure their pet’s safety after their passing. When you create a Will, you can include your furry friends and choose a pet guardian to love your furry friend like you do.
Treasures of both physical and digital natures can be included in a Will. You can decide where your prized possessions will go after your passing, even naming specific organizations if you wish to donate certain items. You can also make plans for your social media accounts. It can be difficult for other people to get a social media account permanently taken down after an account owner’s sudden death. In a Will, you can take inventory of your digital assets and officially choose a trusted, tech-savvy person called a Digital Executor to take care of your accounts after you are gone.
A will is a must for expecting parents or those with small children.
“Okay,” you may say, “that’s all great for a millennial. But I’m a parent of young children. How does a Will come in handy for me?” Well, there are several ways.
For young parents, a Will isn’t just about taking care of their assets. It’s about taking care of their children as well. If parents leave their minor children without a Will, the local courts will usually appoint a family member to watch out for the kids. But what if that family member isn’t someone parents would want to care for their children? Parents can designate a trusted person to act as legal guardian for their kids – someone they know they can rely on to love and provide for their children.
If parents pass away without having a Will, their property and money might go directly to their children by state intestate law. But what is a minor child going to do with all that sudden responsibility? Many people prefer to leave their assets to their spouse or dedicated caretaker, who can then use it in the children’s best interests. If a parent has retirement accounts, they can designate beneficiaries for those accounts so that the funds can go directly to the people they name without probate.
Life insurance is another crucial option for parents to consider. This policy could replace the parent’s earnings for a few years, ensuring survivors have quick access to funds to support the rest of the family. Parents can lay out terms and conditions for this in their Will.
Update your will regularly.
Perhaps none of this applies to you. Maybe you are a senior adult who already has a Will, so you think you’ve taken care of all the necessities. However, there are a few things that senior adults might not know about when it comes to taking care of property and loved ones through their Will.
Did you know that Wills need to be updated? If a senior made their Will several years ago, it might not still be relevant. If some significant life changes have happened since the creation of that Will, it will need updated accordingly. For example, a divorce, remarriage, birth or adoption of a new child, and other big life changes are all reasons to update a Will.
Some senior adults believe they need to create a trust for their grandchildren to receive their money after their passing. Instead, adults can pick a trustee to manage the money for the grandchildren. They can decide at what age the grandchildren may come into possession of that money, and the trustee will pay it to the grandchildren when they reach that age.*
Creating a will has never been easier!
It is plain and simple: No matter what age you are, you need a Will. One of the greatest benefits to a LegalShield Membership is the ability to create a Will. August is Make-a-Will month, reminding you that now is the perfect time to complete your Will. If you do not have a Will or want to make revisions to your existing Will, lawyers from LegalShield’s dedicated provider law firms are here to help. LegalShield provides quick answers, professional consultation and further guidance to make sure your Will is everything you desire. With LegalShield, members can easily start the process to create their Will and even have it updated annually. Learn More about the importance of having a Will and how LegalShield can help by contacting us.
Disclaimer: The examples above are for illustration purposes only and are not actual accounts. These are intended to provide a general overview of LegalShield’s personal legal plan coverage. See a plan contract for complete terms, coverage, pricing, conditions and limitations. This is not intended to be legal advice. Please contact an attorney for any legal advice or assistance. *Trusts are provided at a discounted hourly rate.