Why Young Professionals Need a Will
In today’s video blog, we’ll cover the reasons why young professionals need a will, especially once they’ve had children. Unfortunately, despite the importance having a will and other proper estate documents (i.e. power of attorney) in place as a young family it is often overlooked. Here are the primary reasons to get a will put in place as soon as possible.
Read More: Estate Planning for Young Professionals
Why Young Professionals Need a Will – Reason Number 1: Guardianship
Having a will in place as a young professional ensures that you, and not the courts, will decide what happens to your children in the event you were to pass away. A will allows you to appoint a guardian to care for your minor children.
Why Young Professionals Need a Will – Reason Number 2: Assets
A will also help ensure that your assets are distributed in accordance with your wishes. While many accounts (i.e. a 401k, IRA) will pass transfer via the beneficiary designated on the account, it is still important to ensure that assets that do not pass by way of beneficiary are accounted for. You may even have your will establish a testamentary trust to handle assets in the event of minor children.
Why Young Professionals Need a Will – Reason Number 3: Executor
A will allows you to name an executor you know and trust and who will ultimately be responsible for dispersing your assets in accordance with the instructions outlined in your will. Choosing an executor that you trust is paramount and some young professionals may even consider a corporate fiduciary in certain circumstances (i.e. a trust company).
Once you have a will in place it is important to revisit every 3-4 years (sooner if major life changes occur) to ensure that it still properly aligns with your intended wishes as a young family.
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