Many people who are in their 50s or 60s find it difficult to prepare their last will and testament, so you can imagine how far down the list of priorities this task may seem for later generations. To them, the thought of death may have never crossed their minds and they've got far more important things to focus on, like a career and starting a family. Yet it is equally as important for young people to write their will as it is for those who are more mature. What kind of problems could this create if they don't carve out some time to do this?
Look After Other People
It is true that people who are nearing retirement age have probably amassed more assets and have a more complicated life than those who are on the other end of the spectrum. Yet even young people have close friends and family members to consider and should make sure that these individuals are not left out, should something untoward happened to them.
Don't Be Intestate
Certainly, young people may have more debt exposure than accumulated credit, especially if they are trying to get through college. They will nevertheless have possessions that could be of value and if they don't create a will, they may well be classified as intestate.
This can create all manner of problems as the government will have to unravel all their circumstances, to see where the assets end up. The value may or may not reach the person who would have received them, if the individual had actually drafted the will.
Consider the Worst-Case Scenario
Look at it this way. It's not always easy to predict how much value will be contained within a will once it is activated. If you were unlucky enough to be killed in an accident that was somebody else's fault, that person could be found liable and a significant sum might be paid into your estate. If you hadn't signed it over to anybody in advance of that moment, this money could end up in the government coffers. While this is a worst-case scenario, it should still focus your attention.
Take Action Now
Take some time out of your day to contact a lawyer who handles wills. They will be able to explain the process and make it as painless as possible. Once you get this document out of the way you can focus on more important things, like the weekend ahead!
