Am I Too Young for a Will?

The Somerville Estate Planning Lawyers at Lyons & Associates, P.C. Assist Clients With All Areas of Estate Planning

You are never too young to start estate planning. While you may assume that estate planning is only for people who are wealthy, own multiple properties, and are somewhat advanced in age, there are benefits to having a standard will in place. An experienced estate planning lawyer can discuss the benefits of drafting a will, recommend the type that best meets your needs, and assist you with every step of the process.

What Is a Will?

A will is a legal document specifying how an individual’s property will be divided, who will be distributed to, and who will be in charge of the process. You must be at least 18 and legally competent to execute a will. If you do not have a will in place at the time of your death or you become medically incapacitated, the situation can become extremely complicated if your parents, spouse, or other loved ones disagree about what they think your medical and financial wishes would be. Making these preparations while you are of sound mind and in good health can save your loved ones a great deal of heartache and avoid a time-consuming and expensive court battle.

What Type of Will Should I Have?

The main areas of estate planning that you should consider are how you want your property and assets handled after you die and what your wishes are if you are incapacitated. Consider the following options:

  • A will for the living: No one wants to think about end-of-life decisions, particularly when you are still very young. However, if you are injured in a serious car accident or become seriously ill and lose consciousness, you will not be able to speak for yourself or make your medical and financial wishes known. While drafting a living will may not be at the top of your list of things you want to do, it can save a lot of heartache if you find yourself in a position where someone else has to make major decisions for you. Your estate plan should consist of the following:
    • Durable power of attorney: This person acts on your behalf if you cannot make financial decisions for yourself. To set up a durable power of attorney, select a friend or family member you trust who will act as your “agent,” complete a form, and sign it with a notary public present.
    • Health care proxy: Also referred to as a durable power of attorney for health care, this person appoints someone to make important medical decisions for you if you cannot do so. This includes the power to give, withhold, or stop medical treatment, including life-sustaining measures. If you are not married, make sure that you specify that your partner will be allowed to visit if the hospital has a “family only” rule.
    • Living will: This document specifies the types of medical treatment you want if you cannot communicate. It also allows you to direct healthcare professionals to withhold certain kinds of treatment if you are facing a terminal illness or are in a vegetative state.
  • A will for the end of life: You never know when life will throw you a curveball, so it makes sense to have a will in place, even in your 20s or 30s. Despite the common misconception that drafting a will is a complicated process, they are simple to create, yet most Americans do not have one in place. This means that the court has to get involved and distribute their assets according to state law rather than what the deceased wants. Your will should address the following areas:
  • Who will inherit your property.
  • Who will serve as the guardian for your minor children.
  • Who will manage the property that you leave to your minor children.
  • Who will serve as the executor of your will and ensure that your wishes are carried out.

What Tips Should I Keep in Mind When Creating a Will?

A will is not a difficult document to create, but it must be prepared and executed properly. To ensure that your will is legally enforceable, it is highly recommended that you consult with an experienced estate planning lawyer. Keep the following tips in mind when going through the process:

  • Your will should specify whether you want a funeral and/or a burial and what you would like done with your remains.
  • Name all beneficiaries and specify the amount of bequests for each.
  • Name alternative beneficiaries if a designated beneficiary dies.
  • If the will includes a trust, name a trustee and an alternate one.
  • You must name an executor and an alternative executor who will follow the instructions specified in the will.
  • If you have children under 18, appoint a guardian and an alternative guardian.

All wills should have a self-proving clause signed and witnessed by two witnesses, who must do this before a notary. Any additions or supplements must also be signed and witnessed.

The Somerville Estate Planning Lawyers at Lyons & Associates, P.C. Assist Clients With All Areas of Estate Planning

If you need legal assistance executing a will, or you have questions about why you should have a will, do not hesitate to contact the Somerville estate planning lawyers at Lyons & Associates, P.C. To schedule a free, confidential consultation, call us today at 908-575-9777 or contact us online. Located in Somerville, Morristown, and Freehold, New Jersey, we serve clients throughout Somerset, Woodbridge, Morristown, Parsippany, Rockaway, Short Hills, Chatham, Randolph, Madison, Morris Plains, and Monmouth County.