Most millennials—those born between 1981 and 1996—have finished college by now, and many of them have also gotten married and had children. With the oldest ones still a few years shy of 40, chances are most of them have not yet thought about estate planning. The seasoned lawyer at John E. Bach, Jr., Attorney at Law in Orange County, NY, advises clients that it’s never too early to draft a will. He shares a few reasons why millennials should create these essential documents sooner than later.
Why Draft a Will Upon Turning 18?
1. Provide a Clear Picture of Your Financial Situation
To devise a comprehensive estate plan, you must inventory all assets first. Millennials may not have accumulated much yet, but they probably have at least a few cherished possessions worth bequeathing to loved ones. They may also have big dreams for their future, and inventorying everything they own today can help them determine how far—or close—they are to achieving what they want tomorrow.
2. Protect Loved Ones in Case of an Accident
Life is unpredictable; even those who lead fairly safe lives and work a desk job can end up in a fatal collision on their way to or from work. People often wait until they are much older to start estate planning, but if an unanticipated accident occurs, your family will need to know your last wishes. Lessen the burden loved ones must bear by drafting a will sooner.
3. Evaluate Your Life Periodically
The terms of a will should change as your life does. For example, it’s wise to review and update all estate planning documents after getting married, buying a home, and having children. Doing so might seem like a chore, but it provides an opportunity to examine life at regular intervals and determine what assets are unaccounted for. Parents also list guardians for their children if anything happens to them.
If you need to create or update estate planning documents, turn to John E. Bach Attorney at Law. Based in Goshen, NY, who has over three decades of experience helping clients plan for all eventualities and offering quality legal counsel through every step of the process. In addition to wills and trusts, his areas of expertise include family and real estate law. Visit the firm online to arrange an initial consultation, or call (845) 294-7941 today.