Why Young People Need a Will & Estate Package
Everyone needs to have a will, and age really doesn’t matter. Even though you might be young and healthy, it is important to remember that tomorrow is not promised. Death can come for any of us, and it is far better to be prepared for that eventuality as early as possible. It is the smart and responsible thing to do, and a lawyer will be able to provide you with a will package that covers your will, enduring power of attorney, and personal directive. The wills & estates lawyers at Kahane Law Office in Calgary, Alberta are here to help younger people protect themselves. We’ll cover what each of these things is as well as why they are so important. If you need to know more, you can always call 403-225-8810.
Why Your First Will Now?
Why is now a good time to have your first will and estates plan put together? First, wills, EPAs and PDs (see below) do not expire unless you want them too. The will you put together now, will be valid in 10, 20 or 30 years (in most cases, there are some things that void wills but not the passage of time). Second, the cost of updating a will is very low. Before computers, an entire will would have to be re-typed. This was time consuming and came with a high price tag. Minor changes to wills, such as a change in beneficiary, no longer is an expensive process.
Which Young People Should ALWAYS Have a Wills & Estates Plan?
There are some young adult who should always have a wills and estates plan in place. Without one,there may be more extreme consequences than people who do not fit into these examples. This is NOT to say that if these do not apply to you, that you do not need a will but it is meant to stress how important a good wills and estates plan is. If any of the following apply to you, you should have a wills and estates plan on place:
- If you are married
- If you have children
- If you plan to have Children in the next 5 years
- If you have your own business (however small)
- If you have significant assets
- If you own property, land, a home.
What if A Young Person Dies Without a Will?
First, consider what will happen in the event that you die without a will. Since young people often do not think about getting a will prepared, this happens more often than it should. This is called dying intestate. This means that you and your family will have no control over what will happen to your estate. Instead, it goes through the courts, and this means that there is a chance that the assets will not be disseminated in the way that you would have done.
This is especially important for those young people out there who have children. You want your little ones to be protected and to have the assets they deserve. You can’t do that unless you have a will in place. Then, you will be able to name a guardian as well as a trustee for the children’s assets. Learn more about wills for parents of young children here. Even if you don’t have children, you should still have a will as a young person. This ensures that you can provide for those that you want rather than letting the courts determine what will happen. For example, you might have wanted your assets to go to your favorite charity. This won’t happen unless you have a will in place.
Enduring Power of Attorney for Younger People
An enduring power of attorney is a type of legal agreement. It appoints someone to make property decisions and financial decisions on your behalf. Anyone who is of sound mind and at least 18 years of age can set up one of these agreements. Again, younger people do not think about losing capacity. The appointed attorney you choose will have a substantial amount of control over your finances. This means that it is very important that you choose someone that you trust and who is responsible. Often, people choose someone in their family or a close friend for this role. It is important to talk with them and make sure that they are agreeable before you try to volunteer them for the duty though. For young people putting together a wills and estate package, their parents are often young enough to be named for this role. We include EPAs in your will package. It will provide you with the peace of mind that you need and deserve.
How Personal Directives Help Young People
A personal directive is another type of legal document. This allows you to name persons to make decisions for you in the event that you lose mental capacity. For example, they can make decisions based on your health care and residential care. There are some similarities to an enduring power of attorney, but they cover different types of decisions. Both are equally important and should be a part of the will package.
Lawyers helping Younger Clients Draft Wills In Calgary, Alberta
Even though you are young, strong, and healthy right now, you still need to have a will. Get in touch with an attorney in your area so you can begin estate planning. Doing so now will let you rest easy knowing that everything will be taken care of in the event that something happens to you.
The will & estates lawyers at Kahane Law Office in Calgary, Alberta are pleased to assist young people in putting together their estate plan. Younger clients often do not have a lot of extra funds so we make will packages affordable. We can be reached at 403-225-8810 or toll-free at 1-877-225-8817 or email us directly here.