13/05/2020

6 reasons why young people should also have a Will

Will or an estate plan is one of the necessary tools to protect, manage and distribute your assets if you get unwell or pass away. Moreover, it can ensure that your minor children are looked after in the event of any emergency. These ideas are only restricted to elderly people and thus, many think Will or Trust are meant for only parents or seniors. It might sound strange to a young person if someone reminds him/her to create an estate plan. Well, don’t get startled, because Will can be created if you are an adult, i.e over 18 years old. Moreover, if you are married or living with a partner in a committed relationship, then it is fair to say that it is overdue.

If you are young and have limited assets (bank balance, insurance, FD’s etc), you would still want to ensure that you protect these assets for the future by creating a Will.

Here are seven reasons why young people should also have a Will –

Joining armed forces

If you are joining the defence sector, then you must have figured out how uncertain life could be. Though you are young, you need to create a Will mentioning basic estate planning documents like a health care directive, power of attorney and others. This will control the assets and not let attorneys, the government or tax agencies to make decisions about the care of your loved ones.

Received inheritance

You may not consider inheritance as your asset, specially if it’s a trust held for you. But without estate planning, the arrangement of the same will be slow and become complex for your surviving family members.

Declare the course of action if you are in a coma or persistent vegetative state

Nobody wants to think about death or critical situations, but ignoring or shoving them off is not healthy. We often see news about ugly fights within families over critically ill children or spouses and even siblings. It often turns out bizarre and you should definitely consider avoiding similar situations. While creating a Will, you should always mention medical directives and financial power of attorney so that you are taken care of by the methods that you want.

Social media accounts and intellectual assets

Due to the ever-rising social connections, almost every young people have online accounts. Many spend a great deal of time on storing important intellectual properties like photographs, paintings, poems, videos and others. Without any instructions from you, they might get lost forever.

Protect pets

Pets are also a part of your life and it is important to consider what will happen to them if something unfortunate happens to you. It is always better to plan for your pet’s future just like planning for your family. You can always direct your pet’s new guardianship along with directives of sale of specific assets in your Will.

Protect the family from losing funds

If you die without a Will then the money and the possessions that you have at that point of time will not reach to your family before a long court proceeding. For instance, your insurance policies or legal documents will be withheld with the government until the court decides to give it to the family. Thus, without a will, you won’t be legally assured of protecting things you worked hard to achieve.

Estate planning or Will creation is more important than you think. With proper planning, one can have a smooth transition of legacy and get proper care in the later part of life. Many people have also the misconception that estate planning is complex, time-sensitive and pricey. But these mentioned problems are not true in most of the cases.

If you want to make a Will then take these steps and your Will be in your hands in no time –

Gather important documents
Make a list of your assets and liabilities (properties, collectables, insurance policies, mortgages, jewellery, etc.)
Write down the objective for your estate plan
Log in to www.giftmylegacy.com
Input the details (assets, beneficiaries, policies, power of attorney, health care directives, etc.)
Submit the details
Once the Will is ready, take a print out; get 2 witnesses to sign the Will along with your signature.
Your Will is ready!

You will get your online Will within less than 10 minutes. Now, you will have the final say about your assets and will be able to take care of your loved ones when you will be gone.

Busting 5 myths about Will creation

Categories: blogs

6 reasons why young people should also have a Will

Joining armed forces

Received inheritance

Declare the course of action if you are in a coma or persistent vegetative state

Social media accounts and intellectual assets

Protect pets

Protect the family from losing funds

Busting 5 myths about Will creation

3 ways how NRIs can avoid Indian property dispute

3 things to think about before Coronavirus affects you