It’s not surprising that only a third of Americans have a will. Only a few people take estate planning seriously. This is true, especially for young parents who believe they still have a long way to think about death. But you should know well enough that death is untimed and unplanned; you can never tell when.
So, the earlier you accept this, the better, and you can begin by writing a last will and testament to plan yourself better for life’s uncertainties.
So, why is a last will and testament vital and a priority for young parents?
Why Do You Need a Last Will and Testament as a Young Parent?
Most people believe writing a will should wait until later, maybe after retirement. However, it is worth noting that you can never be sure about the future. Death can occur even to young parents, and your family will remain in a much more complicated situation if you have not created a will.
Here are the reasons to have a will as a young parent:
For Your Kid(s) Safety
Your children’s custody after your death is essential. It determines who will raise them and how they will do it. Creating a will earlier in life ensures you leave your kids in trusted hands. It will help your family avoid custody battles and ensure your kids grow up in a friendly environment.
To Properly Distribute Wealth
Property distribution among family members can turn ugly whenever there’s no will. A will is not only for people with massive estates. You need it if you have anything of value, such as a home, car, etc. It will help ensure your property goes to the people you care about, reducing confusion and disputes.
To Ensure Money Benefits Your Family
Probate courts examine wills, settle debts, and distribute property after a person’s death. The court appoints an administrator to help with distribution if there is no will. About 10% of your estate’s value might go toward this expense. You can avoid all this and save your family the long wait by having a will.
Is a Will a Legal Document?
Yes, a will is a legal document as long as it has a date and your signature. But then you must mention in the document that it is a will. You might need to print it depending on your state, but some states recognize handwritten wills. Certain states also require at least two witnesses who must sign the will too.
It is, therefore, vital to understand what your state’s laws say about writing a will. Working with an estate planning lawyer can simplify this. Also, ensure a trusted person or the executor knows where your will is.
It is crucial to leave a lasting and positive impact when you leave this world. A last will and testament will help you distribute your assets in your absence.
Would you like to start creating your last will and testament today? Forms.Legal has all you need to simplify this process and get your document faster. All you should do is fill out the form on our website and download and print it whenever necessary.