12 Reasons You Should Have a Will Sooner Than You Think

The COVID-19 pandemic has created tremendous uncertainty about the future for millions of Americans. In fact, anxiety triggered by the pandemic has inspired more young adults to put a will in place, and 32% of adults under 35 with a will say the pandemic prompted them to write it, according to a LegalZoom survey cited by the Wall Street Journal. No matter your age or health, it's best to draft a will earlier in life, rather than later, experts say. Here's why.

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While you're young, you may not yet have accumulated substantial net worth. But that's no reason to ignore creating a will, says Karen Bussen, founder and CEO of Farewelling, an online platform designed to help people navigate funerals and end-of-life planning. "Even if you don't have a lot of assets, you can use a will to communicate instructions clearly to loved ones. An example would include guardianship for a pet, or what you'd like done with artwork you've created," says Bussen.

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By taking the time to create a will, you'll leave family members with a clear picture of who gets what after your death, says Chuck Czajka, certified estate planner and founder of Macro Money Concepts. "This will hopefully prevent arguments between family members," Czajka says.

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Another important reason to create a will early in life is to assign guardianship of your children in case something should happen, Bussen says. "No one in early adulthood or even middle age wants to think they're going to die, but it does happen. And we hear all the time from people that they've lost a loved one who didn't have a will or leave any instructions and it really can create chaos in a family." Establishing a will also gives you the opportunity to set aside money that's specifically to be used for raising your children.

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It's difficult to think about such things, but if you have strong opinions about how you would like your loved ones to make decisions in the event that you need end-of-life care, you want to create a living will, says Jonathan Breeden, a North Carolina-based family attorney who specializes in wills and estate planning. "This will relieve them of the burden, ensure that your wishes are carried out," Breeden says.

The death of a family member can be hard on everyone involved, Czajka says. Having a will in place eases the burden on loved ones. "Death creates pressure to make stressful decisions about property, belongings and financial affairs," Czajka says. "Creating a will helps to keep things organized so your family members can grieve easier knowing they are following your wishes."

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If you die without a will, the courts will step in to settle your estate and there are certain rules that dictate how money, property, or possessions should be allocated, says Lucas Robinson, CMO of Crediful, personal finance site. In many cases, a probate court will oversee distribution of the assets of the deceased. "Your estate will be subject to the intestacy rules and these rules are stringent and inflexible, which means your assets are distributed in accordance with the law and not with your wishes," Robinson says. "By making a will, you're ensuring that your wishes are carried out and gifts of sentimental value are left to the intended beneficiaries."

Owning a business is not just something that happens later in life. People are starting businesses at every age these days. In fact, millennials are the fastest growing segment of small-business owners. If you're the founder or co-owner of a business, having a will is critical. "It's important to create a will that addresses how your company, or share in that company, should be handled if you pass away," Breeden says.

Allison Kade, money expert for the site Fabric, says the median time it takes users on their website to complete a will is about seven minutes. And about 75% of people are finished within 10 minutes. The bottom line: creating a will is not as intimidating, or time consuming, as you may think. "Creating a will online can be a good place to start outlining your wishes," says Kade, who says doing so will help you to begin thinking through the answers to key questions such as who you'd like as your beneficiaries, legal guardians, and executors.

As already noted, if you die without a will, the courts will step in and distribute your assets. If there are charities you would like to support with some portion of the estate, no matter how small your estate may be, creating a will makes sure that happens.

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It can be stressful creating a will later in life when you may be unwell, says Branka Vuleta, founder of LegalJobSite. "You get freedom from the stress of creating a will later on when you prepare it earlier," Vuleta says. And if you do create a will early in life, bear in mind that you can revisit and amend it at any time, which is critical to do periodically, particularly after significant life changes such as marriage, the birth of children, and accumulation of assets.

Do you have specific ideas about how you'd like your funeral to be conducted? Would you rather be cremated than have a traditional burial? Creating a will provides the opportunity to specify all of these wishes and instructions.

As we've all seen as a result of the pandemic, being prepared for life's surprises is essential, no matter your age of stage of life, says attorney Mary Kate D'Souza, founder and chief legal officer for the estate planning website Gentreo. "Every capable adult American should have an estate plan including a will, health care proxy and power of attorney," D'Souza says. "As we all have seen during this pandemic, your life can change in an instant, and it's important to be prepared in order to protect your choices and give yourself and your loved ones peace of mind." 

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