For many younger people, the idea of creating a will is something that should be done “later.” This is especially true for anyone who is single and has no dependents. People often think of wills as documents that are only required for people who are older or have families, but this isn’t necessarily the case.
What is the Purpose Of a Will?
A will is a binding legal document that outlines how your assets should be distributed after your death. Some wills may also dictate your final wishes regarding the funeral and burial proceedings.
If you do not have a will, and you pass away, then it falls on the government to distribute your wealth and assets. For someone who has no spouse and no dependents, this makes matters a bit more complicated.
When You Need a Will
In some cases, it’s reasonable for a young, single person with no dependents to put off creating a will until later in life. However, there are situations where it is recommended to draw up this paperwork before you turn 30.
The primary reason you would want to have a will in place is for asset distribution. If you have a positive net worth, then you need a will. This means that you have money, property, stocks or other assets that are greater than any debts you may currently have. By creating a will, you are taking control of how those assets are allocated in the event of your death.
When You Don’t Need a Will
Conversely, if you’re young, single and don’t really have any assets to speak of, it is usually fine to wait until later in life to create a will. Additionally, if you have assets but also have significant debt, you likely do not need a will until your debts are resolved.
When in Doubt, Ask a Professional
If you believe you need a will or simply aren’t sure, the best thing to do is to meet with a lawyer who can answer your questions and help point you in the right direction. Creating a will is something that requires legal expertise, so meeting with one of our professionals at Dick Byl Law, is a smart first step.