Many people think that just because they are young, single, and have very few assets, that they do not need to have a last will and testament, but that is not true. The following are eight reasons why you should consider creating a will and other estate planning documents, such as a power of attorney, even before you are married and have accrued significant assets:
- You are joining the military – Anyone that is entering the military, whether they are 18 years of age or older, should be certain that their affairs are in order. While we like to think that all servicemembers will perform their duties and return home safely, sadly, that does not always happen, and it is important to have plans in place should the unthinkable occur.
- You have received an inheritance – You may not view your inheritance as an asset, but without an estate plan, the disposition of that money will be a complicated and slow process for your family members.
- You have a pet – Many people include plans for their pets when they draft a will. Do you know what would happen to your pet if you died unexpectedly? In your will, you can even direct for specific assets to be used to care for your pet.
- You can protect your family – If you die without having certain documents in place, your loved ones will have to go through a long court process called probate to take care of your estate. Having an estate planning attorney draft a few basic documents can keep that from happening.
- You use social media – Many of us spend time on social media talking to friends, storing photos, and even managing our finances. Without leaving instructions for your family, they may not even know about your various online accounts, let alone what do with them.
- You want to give possessions or money to charities or friends – Without a will, certain laws will dictate who receives your assets. The recipients will include your parents, siblings, spouse, and other family members. If you want friends or charities to get your assets instead, you need to state your wishes in a will.
- You care about what happens if you are in a coma – Many of us have heard stories about families that cannot decide what to do when a loved one is in a vegetative state. If you write your will and include a health care directive (living will) and a healthcare power of attorney, this will keep that from happening. This is especially important if you have a partner that you are not married to. This will enable them to make decisions on your behalf.
Contact an Experienced DuPage County Estate Planning Attorney Today
As you can see, it is important to have a last will and testament, even if you are young, unmarried, and do not own many valuable assets. But where do you begin? The skilled Naperville estate planning attorneys at Momkus LLC have years of experience helping our clients make their wishes known, and we can help you too. Contact our office by calling 630-434-0400 today to schedule a consultation.