When we are young, having a will is something we generally consider something elderly people worry about or something that only rich people need.
As we get older, it is natural to start thinking more about having a will. But is there a specific age that you should have a will drafted?
No, it is not too early
It might surprise you to know that it is best to have a will drafted as soon as you are legally able. In Indiana, this is age 18. There are many reasons why it is good to have a will once you are over 18.
First, it helps to know exactly what a will is. A will is a legal document that provides instructions to your family members and loved ones for how to distribute your estate after you are gone.
No matter your age, you are likely to have some family or friends left when you die. Your will gives clear and specific instructions to your family about what you want to happen to your property.
A will eases the burden on your family
This reduces stress and confusion for your loved ones, who would otherwise need to guess what you would have wanted done. The chance of family disputes is also much higher in situations where there is no will, as family members often fight about what they believe should be done.
Dying without a will means your family needs to distribute your property through the Indiana probate process. Although a will typically goes through the probate process, as well, probate without a will often takes longer and costs more money.
But what if you are young and do not have a lot of property yet? You likely have more than you believe.
If you have even one piece of valuable personal property, such as a vehicle or collection of items, you may want this property to go to one specific person.
Pets are also considered personal property
Maybe all you have is yourself and your dog but worry about what would happen to your dog if something happened to you. Perhaps you would want your sister to take your dog. Without a will, your dog’s fate is unknown, but with a will, you can ensure your dog goes to your sister.
A will is a good idea if you are in a high-risk profession
Your profession may be a reason to consider having a will done sooner rather than later. If you are a member of the military, a police officer or in any profession with a higher risk of injury or death, a will gives you peace of mind that your family will be taken care of if something happens to you.
No one wants to think about dying, but it is always best to be prepared for the future. Knowing your property will be distributed according to your wishes and there is less chance for conflict after you are gone are some of the biggest advantages to having a will.