According to a 2016 Gallup Poll, about 68% of adults older than 65 have a will, while only 14% of 18 to 29 year-olds have established a will.
No one is ever too young or too busy to establish a will. We understand that the busy life of a young family revolves around immediate plans and milestones. We also understand that the newest generation of employees are focused on “building wealth” which will allow them to provide for their families and support their lifestyles. However, as you continue to build wealth and provide for your family, it is necessary to create a plan for the “what-ifs” in life. Making a plan for your estate as you build it will allow you to make the decisions to take care of your loved ones and can reduce the burden on family members in the chance of an untimely death.
The process of establishing a will should not be overlooked, even at a young age. The time is now to decide who would take responsibility for your assets, inheritance, estate, child(ren), and additional valuables left behind.
It may not be the easiest conversation to start but it is important to remember that life can be unpredictable, and it’s best to stay a few steps ahead of the game if possible. A will can give you and your family reassurance, a plan of distribution of assets, a means to protect your finances, and make provisions for ongoing care for your loved ones, especially children, should something go wrong.
As you begin to think about what you need to do to start the process, please refer to the following questions:
- Who will be your Executor (personal representative)? Are they qualified?
- What assets do you have?
- Who should inherit these assets?
- How are the assets to be divided up?
- When should the recipient gain rights to your estate?
- If you are married, how do you want to provide for your spouse?
- Who would you select as the guardian and/ or conservator for your minor children?
- Should your children share equally in your inheritance? Maybe one of your children has special needs and should receive a disproportionate amount.
- Would you like to give any assets to charity?
There are more questions to ask when planning, and it can be overwhelming to actually draft the will, especially for a young family with children. When you are ready to take the next step in constructing your will, we are ready to guide you through our step-by-step process and answer any questions you may have.
We are a trusted East Tennessee Real Estate, Probate, and Litigation Law Firm serving the Smoky Mountain area for over 40 years. Let’s work together to secure your estate and the future of those you leave behind – call us: (865) 453-1091 for a free consultation or send us a quick email: [email protected].