Many people think estate planning isn’t necessary until later in life, but everyone should at least write a will. This document does much more than distribute sizable assets. Find out more about its benefits below.

4 Reasons to Draft a Will at Any Age

1. Take Care of Your Children

If you have children, you should visit an estate planning attorney as soon as possible. If you pass away unexpectedly, your will allows you to choose a guardian for your children. However, if you pass away intestate, the state will choose guardians for your children, and they may not appoint an individual you would trust to raise your kids with love and care.

2. Account for Assets

Even at an early stage in adult life, you likely have some assets of financial or sentimental value. Your last will and testament provide a way for you to pass on those assets to a spouse, children, or another loved one. Otherwise, those possessions may be liquidated to cover your estate taxes.

3. Settle Your Online Accounts 

Today, most people have online accounts with commercial businesses and social media accounts. If you don’t specify your wishes in a legal document, those accounts will continue to exist and could expose other family members to the consequences of identity theft.

Your will can include your usernames and passwords along with instructions on how the accounts should be managed. You can choose someone you trust to access your photos and videos as well.

4. Provide for an Unmarried Partner

Fewer young adults are getting married today than was customary in the past. While cohabitating can provide different advantages than traditional marriage, it also means your partner may not receive an inheritance if you pass away intestate. To ensure your partner receives the assets you intend for them, a lawyer can help you include your wishes in a will. 

To explore more ways that a will and other estate planning documents can help you plan for the future, contact the Law Offices of Reuben S. F. Wong in Honolulu, HI. With over 50 years of experience, they’ll help you personalize a plan to suit your situation. To schedule a free consultation, visit them online or call (808) 531-3526.