You’re still young, so you may not think you need to worry about having a will. While you could live to be 70 or even reach 100, there’s also the possibility that you could pass away much sooner.
The idea that younger people don’t need a will is false. Not having a will means you have no say in what happens to the items you have if you pass away. For example, if you have a life-insurance policy, the state will determine whom it is paid to instead of following your wishes.
What happens when you die without a will?
If you die without a will, it’s called dying intestate. The state then has the right to decide who receives your assets. Generally speaking, your spouse or children are likely to obtain the property. However, that isn’t always the case depending on your situation.
Should you have a will?
Everyone’s case is different, but there are some cases when having a will is important. For example, if you have children, you’ll want to have a will to make sure your assets pass on to them if you pass away.
Your will may also include information about your children’s guardians and what you’d like to see happen if you’re not there to raise them yourself. If you don’t have a will to dictate these wishes, it’s possible that the court could misinterpret your wishes or make a decision about your children’s care that you wouldn’t have been happy with.
Of course, if you have a spouse, you should have a will also. You can use the will to state whether or not you’d like your spouse to obtain your assets following your death. Normally, spouses obtain assets after death, but it’s always better to put it in writing.
These are a few reasons to have a will. Having one and not needing it is far better than not having it when it is needed.