Estate Planning for Single or Young Adults: Yes, You Need it

 

Despite to popular thought, Single and young adults still need Estate Planning. Many misconceptionss are associated with Wills, including the belief that they are only for the old, for couples or the rich. In reality, older married couples and those with substantial assets should certainly have Wills, but young and/or single people should also have a plan, including a Will, regardless of their relationship status or age (as long as they are no longer minors, ie: above 18).

Why?

They most likely have property that would require court action to transfer

Young adults may have assets such as personal property, cars, bank accounts, and digital belongings, all of which likely require court involvement to transfer. For example, their car cannot be transferred without court action – and doing that in probate will be easier and cheaper than without a Will.

Wills help us avoid drama and questions

Without a Will, there is often confusion about a person’s wishes, which can lead to family drama and drag out the time, and increase the costs, involved in the administration of the estate. A Will helps avoid those issues, by specifying who should inherit and who should be incharge.  This is especially true if you are a single parent. Not making a Will for your loved ones to follow can cause more confusion and worry during an already extremely stressful time, as your estate would be distributed in accrdance with the Connecticut General Statutes. Both who inherits and who is in charge of handling your estate are determined by those laws. Even if the statutory person(s) would be the same as your wishes, there will be delays, as they will have no authority until a court gives them formal approval.

In Summary

If you are an adult over the age of 18, and either have a child or own any property in your personal name (such as any cars, personal property, digital assets or any bank accounts), you absolutely need to have a Will. By having one, you make your wishes known and provide guidance to your loved ones regarding your assets. Having a Will in place now, even if you think it is uneccesary, is like having airbags on your car.  You may not need them right now, but if you ever do, you can no longer install them.  The Will, if needed, cannot be created after your death.

Estate planning is more than just a Will, though. You should also have someone named to help you with financial based issues (a Power of Attorney) and with medical issues (Advanced Directives)

Disclaimer: The information provided in this blog post is for general purposes only and must not be considered legal advice. For specific legal advice, please consult an attorney directly.

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