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Why would a young adult prepare a will?

Wills are for older adults, right? Wrong. They are actually for anyone of legal age. But, why would any young adult in Texas or elsewhere want to take time to prepare a will?

When one is young and has more debts than assets, one may not feel that having a will is necessary or one may simply not want to think about his or her own mortality. At the end of the day, though, no one can escape death. It happens to everyone, and no one knows when it will come. It is a sad reality that many young adults lose their lives in accidents and to illness. When they do, without a will in place, who will decide what to do with their estates?

When a young person dies without a will in place, or at least designated beneficiaries, the estate may be turned over to one's parents or a surviving spouse. If neither of those are in the picture, it is a judge who will get to decide who will handle the closing of the estate and how an estate is to be administered. Without a will or other estate planning documents, one gives up his or her voice in the matter. According to a recent survey, 78 percent of young adults, those between the ages of 18 and 36, do not have wills prepared. That is a lot of people who, if they died today, will not have a say in how their affairs will be handled.

So why, at a young age, should one consider taking time to prepare a will? The answer is simple, to be ready for what is to come. An experienced attorney can assist young adults in Texas create wills and fill out any other estate planning documents that they need.

Source: wealthmanagement.com, "Engage Millennials in Estate Planning", Jamil G. Daoud, June 19, 2017

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