As a young individual with a new or growing family, creating a will is probably low on your list of priorities. However, creating such a document is not only for the elderly or those who have major assets they need to protect. Gallup reports that fewer than half of people in the United States have a will in place and that percentages continue to drop with each passing year.
As a young parent, you may want to consider several important reasons to draft a will now.
1. Protection against an uncertain future
Creating a will means more than simply organizing your assets and making choices about how to divide them among your family. You can also cover a variety of other needs that may bring you and your family comfort when facing the unknown. Not only can you provide for your children’s futures, but it may also bring them peace of mind as they grow older to know you have such a document in place.
2. Naming legal guardians
If you have young children, then creating a will to name legal guardians can help put safeguards in place if anything should happen to you or your spouse while your kids are still minors. Verbal agreements concerning who would care for your children are not likely to stand up in court, so doing so via a legal document can ensure your desire that a grandparent, aunt or beloved family friend steps in to take over parental duties.
3. Protecting family assets
If you should pass away without a will in place, your family’s assets may get divided in ways you never imagined. Having a will in place may help ensure that property and other financial assets remain protected for the future.
Creating a will also reduces the chance that your estate goes into probate once you pass away. This can make the transfer of property and assets much simpler for your family.