To start, a will is an instrument through which you tell the world how you would like your assets distributed in the event of your death. Regardless of your age it is never too early, or too late for that matter, to start thinking about drafting a will. As life happens you will begin to acquire more and more assets as you reach new milestones in your personal and professional life. A will is a way for you to provide instructions as to how you would like any assets distributed and to whom you would like these assets distributed to.
Every person should have a Last Will and Testament irrespective of how complicated they perceive their situation to be. Even if you think you don’t have “enough” assets to need a will, you most likely have some: whether it be a car, a home, or even your great-great grandmothers heirloom clock – these will be items needing distributing after your death. If you die without a will (called “intestate”) your state of residence will appoint somebody to handle your affairs AND will get to dictate how your possessions are distributed. However, if you do have a will, not only do you get to decide how your possessions are distributed BUT you get to choose the person who makes sure all your wishes are carried out – whether you appoint a trusted friend, relative, or even an attorney.
If you are in your 20’s, drafting a last will probably isn’t on your To-Do List. You might think you are either too young to have a will or that you just don’t have any assets. For some, you are most likely just out of college and entering the workforce while others may have already established themselves in their careers. You might have purchased a car and even bought a house! You should start thinking about drafting a will now (and saving for retirement!) because your acquired assets will only grow as time progresses.
By the time you’re in your 30’s you most likely have gotten married, started having children, and/or purchased a home. If you have children you should sincerely consider drafting a last will because you will be able to designate a guardian for your minor children should you pass away before they reach the age of majority. As you progress into your 40’s and 50’s your assets will continue to evolve and if you have not yet drafted a last will, you should contact an Estate Planning attorney in your area to discuss your options.
A last will can and should be updated periodically as your circumstances and desires change.
If you would like to arrange a personal consultation with the Law Office of Steven J. Hart please contact our office at: (401) 828-9030.
DISCLAIMER: The information contained on this site is provided as a public service by the Law Office of Steven J. Hart. While the information on this site is about legal issues, it is not legal advice or legal representation. Due to the variable nature of the law and our reliance upon outside sources, the Law Office of Steven J. Hart makes no warranty or guarantee of the accuracy or reliability of information contained herein.