Although it’s common for older couples to create last wills and testaments, there’s no set age to begin estate planning. Even when young adults have yet to acquire property and other major assets to leave to loved ones, it’s still a good idea to start the process as soon as possible. Creating an estate plan early in life has the following benefits.  

3 Reasons Why Young Couples Need Wills

1. Avoid Red Tape

Whether you have money held in a trust, a life insurance policy, 401(k) plan, or other assets, it could take a while to distribute money and property to heirs without a will in place. If you forgo drafting the legal document, it will be left to a judge to distribute your estate how they see fit. Not only is the process lengthy, but it’s also not guaranteed that beneficiaries will receive an inheritance according to your wishes.  

2. Name Guardians for Minor Children 

If you plan to grow your family, making sure children always have a loving, supportive home should be a top priority. With a will, you can assign guardians to care for the kids in your absence. You can also include a provision for who should serve as caregivers for future children. 

3. Decide What to Do With Social Media Accounts

Compared with previous generations, many more millennials are entrepreneurs. They use websites and social media pages to promote their small businesses and sell goods and services. With a last will and testament, you can include directives on whether these accounts should be kept active or deleted after you pass away.

To draft your estate plan, reach out to the attorneys at Wills and Trusts Hawaii in Honolulu. With over 30 years of experience in estate law, the counselors know what language to include to ensure your documents meet legal requirements. To schedule a free consultation, call (808) 792-8777 or contact the Oahu law firm online.