It’s easy to think that you don’t need a will if you’re young.
Maybe you’re just 35, for instance. You expect to live at least into your 70s, so you don’t think you’re even halfway there. If you make it to 75, you have 40 years. That’s longer than your entire life, so it feels like an eternity.
You may have plenty of time to write a will and do your estate planning. Hopefully you do. But don’t take it for granted.
People pass away in accidents every day. They don’t discriminate by age. Anyone can be killed by a distracted driver who runs a red light.
The only minimum that really matters is 18. You typically have to be a legal adult to create a will. After that, it’s wise to have one in the works. Even if it’s simple, you’re better off having one 50 years before you pass away than waiting and dying without one.
In many ways, your life situation is more important than your age. When you have your first child, for instance, it makes the need for a will a bit more apparent. If you have a large amount of assets, such as an inheritance from your own parents, you may need a will. It’s also important to consider your family’s medical history, looking for a history of disease or mental illness that could strike earlier than the traditional life expectancy.
No matter your age, it’s important to know your legal rights. Be sure you understand what will happen if you die without a will and how you can get started if you want to draft one. For those who would like to learn more, our website can answer a lot of important questions.