Are You In Your 20s? Here’s How Having A Will Can Make Your Life Easier

As a young professional, it's understandable that creating a will may not be at the top of your financial priorities. Many individuals in their 20s are focused on wealth-building and may feel that a will is unnecessary. However, establishing a will to protect your growing asset portfolio is essential, regardless of your life stage. Think of it as an important aspect of financial planning, one that can be updated as your assets evolve over time. Additionally, understanding the potential implications of inheriting an estate when someone dies intestate (without a will) is crucial. Discussing these matters with your family—whether you're married or not—is both practical and beneficial. Here are four key reasons why it's important to have a will in place:

• No Will = No Control Without a will, inheritance decisions will be governed by the succession laws of your religion, which may not reflect the wishes of the deceased. A will is the only way to ensure that your assets are distributed according to your specific preferences, naming beneficiaries and determining the proportions. It also allows you to appoint a trusted executor to manage the estate and a guardian for any minor children or pets.

• Challenges in Asset Transfer Are you familiar with the full extent of your parents' assets or the processes involved in transferring them? If you become the next of kin and they pass away without a will, the discovery and transfer of assets can be a time-consuming and costly process, potentially draining your resources. A will ensures that all assets are accounted for and avoids complications in the transfer process.

• Nominee ≠ Beneficiary While you may be designated as a nominee for certain financial accounts, this does not mean you automatically inherit the assets. By law, a nominee typically holds the role of trustee, not owner. Without a will, ownership of assets will be determined by the applicable succession laws, which may not align with your parents’ or relatives' intentions, potentially leaving you vulnerable to disputes.

• Preventing Family Disputes A will clarifies the wishes of the estate owner, helping to avoid disputes among beneficiaries and preventing lengthy, costly court battles. This ensures that the asset distribution process is smooth and in line with their intentions.

Creating a will is an essential responsibility for each individual, benefiting both their family and their financial planning. Encourage your family members to make their wishes clear by establishing a will. You can now assist your parents or relatives in securing their financial future by helping them create their will with WillWize. Get started today!