The average 18 year old may not have a lot in terms of assets yet, but according to local solicitors, it is still a good idea for young adults to make a last will and testament. This period involves a lot of major milestones, and having an estate plan offers a sense of security through it all.
In addition, you might think you don’t have to complete a will because you’re not making enough money yet. In this list, you’ll find several reasons behind a last will and testament that has little to do with your income or savings. Here’s why you should consult lawyers in Bristol about drawing up a will while you’re young.
You’re planning to enter the military.
Everyone who is entering the military should have a will in place, and that includes people as young as 18 year old. Your will should include powers of attorney, heath care directives, and other elements to ensure that your affairs are in order no matter what happens during service.
You stand to receive an inheritance.
It doesn’t matter if your inheritance is still being held in trust— drawing up a will is essential in this situation. That inheritance is still your asset. More importantly, the disposition of that money becomes a complicated and slow process for your surviving loved ones if there is no estate plan in place.
You have pets.
If the unthinkable were to happen today, what is going to happen to your beloved pet? It’s fairly common for people to include their animal companions in their wills. This will ensure that your pet is provided for no matter what. Bristol law firms can help you direct the sale of specific assets so that the proceeds will go to upkeep expenses towards the new guardian of your pet, and other similar instructions.
You have social media accounts.
If you spend a great deal of time online, then you probably have a lot of important photos, information, documents, and even financial data stored across various social media platforms. With your will, you’ll be able to give your family instructions on what to do with your accounts, especially those with sensitive information, after you pass away.
You want control over what happens to you if you end up in a vegetative state or a coma.
When you write your will, you have the chance to draw up a health care directive which is otherwise known as a living will. This can also include financial power of attorney. In there, you’ll be able to direct what you want to happen in the event that you become critically ill and unable to decide for yourself at that moment. This is also vital if you have a partner but not yet married to them; a will gives them power to decide on your behalf.
These reasons prove that you don’t have to wait until you’re old and grey before your search for local solicitors near me. Drawing up a last will and testament while you’re young helps you protect yourself and your loved ones against any unforeseen event that will come your way.