Writing a will may not even seem relevant at this point in your life. You’re young, healthy and have your whole life ahead of you. But in most states, you are able to legally write your last will and testament as soon as you turn 18.
So why write a will? I’m not trying to be too morbid but everyone does kick the bucket at some time or another. And if you don’t have a legally binding will ready when your bucket is kicked, your state’s intestacy laws take over. They will decide how to handle your money, without your say in the matter. If you want to be in control of what happens to your life savings, a will is the way to go.
First, start with the introduction. State your name, address, that you’re over the age of 18, you are of sound mind and are not under duress. It is also customary to include that it is your last will and testament, and that it revokes all other wills that came before it.
Next, appoint an executor. This is someone who will follow the instructions of your will. The executor of your will should someone you deeply trust like a spouse or close friend. Before appointing them, make sure they are willing to accept the role.
The next step is to identify your heir. These are the people who will be your beneficiaries and inherit your wealth. It’s most common for your spouse and children to be your sole heirs but it is also important to add any friends you want to include.
The following step doesn’t pertain to most 18 year olds but parents should name a guardian to take responsibility for any children you may have. Similar to appointing an executor, you should talk to prospective guardian to make sure they understand your terms and confirm their willingness.
Following the appointment of a guardian, it is time to assess and divide. Create a list of your assets: real estate, bank accounts, retirement accounts, stocks, bonds, etc. Then assign your heirs their percentage of their assets that they will receive.
The last and final step is to sign the legal document, as well as three witness to validate the will. Many people feel more at peace after creating a will because they know that even when their gone their closest friends and family will be taken care of and their valuables will be distributed where they wish.
I agree that it is important to start thinking about a will as soon as you can because as much as you want to just live life you do have to think about where your assets end up. Thinking about writing a will at my age is a little scary because at the age of 18 you don't know were you'll end up after college and what your financial situation will be.
ReplyDeleteVery Interesting. I never considered writing a will earlier in life/right as you turn 18. Sadly, the truth is that you might die sooner than you think whether it's a car accident or natural causes and you should write a will so that someone you want to will get your money.
ReplyDeleteI've never really thought about the importance of writing a will before since, as you said, we're young, have our whole lives ahead of us, and the consequences of what happens after we pass doesn't seem all too relevant. There's way more steps and legal stuff than I initially thought, which is good, since it protects you from possible loopholes people could jump through. All in all, it's super important to remember to write a will so everything is taken care of when we "kick the bucket". Thanks for sharing, this was an interesting post to read!
ReplyDeleteI think the reason why we tend to not think about wills at this point in our lives isn't because we aren't morbid (I mean, think of Gen Z humor), but because we don't have a whole lot in our possession. We aren't invested in the stock market, we don't own real estate, and at best we have a savings and checking account. Wills become more serious when you've made a life for yourself and you have accrued wealth in some way or another. They become even more crucial when you have kids that, uh, need to go somewhere should something happen to you. However, you were right in saying this is a topic we should devote more time to thinking about and planning for. Awesome job!
ReplyDeleteI agree with the previous comments, in that I've never even thought about writing a will before. Even though you're right, I could die as young as 18. Putting this into perspective, I do see the value and importance in writing a will. After you die, you want to pass on what you have to the most important people in your life, not the government.
ReplyDeleteI really like that you clearly explained the steps on how to create your will. In addition to the reasons you gave for why many people our age haven't began or even thought to begin writing their will, I think another reason is that for the most part, we haven't really been told how. I think its important to put out this information in a clear manner so that it seems more approachable, just like you did.
ReplyDeleteI agree that even though were young a will is important. But what if we don't? What happened to out belonging? our money? does the government take it?
ReplyDeleteI know that I don’t really think about writing a will because I haven’t even had my midlife crisis yet, I’ve got time. Plus, I don’t really have anything to put in my will other than about $10 and a lot of sweatshirts. We don’t have real estate and most of us have barely any money to our name. A will would be more important when you are closer to dying and/or have something that need to be placed in a certain person’s care. But this is definitely something I’ll think about more! It’s a good thing to plan for and just keep in mind.
ReplyDeleteWills are very important, and I think that doing it as soon as possible is also important, since no one can know when the will will be needed. It is hard to imagine doing a will as soon as you turn 18, since you do not have many assets such as a car/house. I have a hard time picturing retirement, and writing a will is even more of a stretch, but I agree that once you write one, you would feel more at peace. Do you ever need to update a will? Would it be worth making one as an 18 year old if you would have to change a majority of it once you get a full time job?
ReplyDeleteThe thought of a will never crossed my mind until I saw this post. While I do know that wills exist, it has never really been important to me as I do not have many possessions that are fully mine and I neither have any enemies nor untrustworthy persons that I would not like my possessions to go to. While a will is important, yes, at this point in my life it isn't truly important to me. Perhaps in the future, when I am a lot more independent, a will shall be necessary.
ReplyDeleteWell since a will, can go as far as to saying who gets what when you die however not a lot of people think about the land that they own, and that’s because at least in my case my grandpa has 160 acres of land in Lyndon Station WI and he’s the co-owner along with his brother but the land is by a deed for both my grandpa and his brother but the point of that matter is that if My grandpa dies then his brother doesn’t own the whole 160 acres now but my grandpa would pass it down to my mom or my aunt and then eventually it would get passed down to me at 1 point, but I can see why a lot of people don’t write that many wills because it just takes so much time just to even say that your house will be passed down to your family or something along those lines. There should be an easier process for writing a will.
ReplyDeleteI think that writing a will when you turn 18 is very important because you never know what might happen to you and would assume most people would rather their money go twards somebody they love rather that causing a fight over the money left behind. Most young adults who are 18 have a job or a source of income and they should have a plan on what their money means to them and where it should go because any amount of money is beneficial to a person so knowing where your money will go and deciding where you money will go can also influence how you spend your money throughout your life for example putting your children in your will as soon as you have them may influence how much you save so that when you pass they will gain something and the money they may gain can help them even if it is a small amount.
ReplyDeleteI only have one question while reading this. When would be a good time to write a will? Obviously, any one of us could die at any given time. However, if we write a will at the age of 18, things are bound to happen and decisions on who your heirs are will change.
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ReplyDeleteBefore reading this, I never thought of writing my will at the age of 18 and I guarantee most people my age haven’t either. Now however, I see that it makes a lot of sense to write a will once you become an adult, as the age of 18 is when most people start to become financially independent and need to think about their future. No one ever knows when they are going to die, and it is better to square away your finances before it’s too late.
Before reading this article, I have never thought about writing a will for myself, especially at this young of an age. This information passed along in this article is very useful because no one at this age would know exactly what to include in their will if they were told to write one at this very second. It also brings you to the realization that 1. there is a lot of thought and planning that goes into creating a will so you know where your belongings and money will go after you pass and 2. that if a will is not created by the time of your passing, your money and belongings will be controlled by the state’s intestacy laws. This article was very informational and made me realize that this is something that should not be put off for too long.
ReplyDeleteI found this blog post interesting because earlier this week, my parents were talking about wills and I questioned when I should write a will and it's funny because they also said when I turn 18. When they said this I was taken back as I didn't realize that with becoming 18, you have many more responsibilities than I'd like to say which includes a will. It makes sense that I'd want to write one instead of the government taking over my belongings but I didn't realize that writing a will is an important part of life. Additionally, I was shocked that I should start thinking about writing one so soon because I am still young but I completely understand that it's something that we should start thinking about this more than we actually are.
ReplyDeleteI think that writing a will when you are young can be scary and maybe not the best idea. When we are around the college student age range, it is the time that many people would consider as their “toughest times”. This may be a cause of the amount of stress a college student goes through, due to the large homework assignments that take hours to complete. This is why I think that writing a will should be a job for a fresh out of college person because this is when you are finally relieved of the stress that previous years have brought. Like you stated whenever you write a will you should not be under any duress and should be of a sound mind. This is probably not the case for many 18-year-olds who are about to enter college, because even tho they have not started college, there are still many stress factors that can alter your state of mind. When you leave college you leave all the stress behind and are now able to think clearly, and without the worry of finishing a paper.
ReplyDeleteI have actually considered doing this. While it may seem silly to write a will at this age it actually makes a lot of sense. You have possessions that you treasure no matter what age you are and that is why I think it wouldn't be a bad idea to write a will. In reality who knows when our time will come whether we're young or old, and why not be prepared?
ReplyDeleteIt's very important to have a will and you did a good job highlighting why having one is more important than most people think. The amount of money or the belongings you have deserve to be in the hands of somebody you trust, not the state. As stated, I agree the important factors of a will should include real estate information, bank account and retirement information, stock information, bond information and more. I would've liked to hear a little bit more about how a will works and how the money or belongings are distributed after the death to somebody; but, overall the article was clearly organized and the topic was very interesting to read.
ReplyDeleteI am only 17 so I can't write a will quite yet but it's good to keep that in mind given that I will be turning 18 right after graduation. Right now I don't have much to put in a will but I'm still a dependant.
ReplyDeleteThis is such a wild concept that I never would have imagined to read on an economics/personal finance blog, but Ros, I truly am glad I stumbled upon this masterpiece. I have never thought of writing my own will, especially this age, but I have wondered about whether or not my parents have already started working on theirs. Death is such a dark, unimaginable concept, but it's inevitable. Some may argue you can never be prepared for your demise, but this post proves completely otherwise.
ReplyDeleteLike most others our age, I’ve never really given much thought to writing a will. However, I see the importance of allotting your assets to who you want when you pass. I’m wondering more about those instances where the state’s laws take over a person’s will. How does wealth get split? Is it given to the closest relatives? Does it vary by state? It’d be interesting to know more about that.
ReplyDeleteLike most others our age, I’ve never really given much thought to writing a will. However, I see the importance of allotting your assets to who you want when you pass. It's especially important if you have a lot of property or investments worth money. I’m still wondering more about those instances where the state’s laws take over a person’s will. How does wealth get split exactly? Is it given to the closest relatives or their parents (if applicable)? Does it vary by each state? It’d be interesting to know more about how that works.
ReplyDeleteI think this blog post does a good job of covering a topic that can be considered morbid. It is delivered in a way that isn't very harsh or anything. You are simply informative and are giving important information to people who need to think about this stuff eventually, so it might as well be now.
ReplyDeleteI never really thought of writing a will. Whenever I think of that I never see it as a serious matter, but now after reading this articale I understand more why it is important to write a will. I didn’t think being 18 was a good time for a will, because of all of the things you still want to do with your life. What if you meet new people that become important and you decide to give them the will? It is just a crazy concept to think of being so young and trying to figure out what you want to do with your assets. I now think this is important because I want to decide where my money is going I don’t want the state to.
ReplyDeleteI feel as if at our young age we put our wills as an afterthought. After all you don't really worry about those kinds of things unless something unfortunate happens. Yet this post had me thinking of what would happen if I wrote a will and to whom I would give my assets. I think that at least knowing who to give our assets to when the time comes to write one is very beneficial in the long run. As then you have your thoughts together to write down who gets what.Overall this blog post was quite thought provoking and I will definitely remember in the future to write a will down.
ReplyDeleteThis was a very interesting article. Most people put off making a will because they think they still have a lot of time, but in reality anyone can go at any time. As a result, people need to write their will and update it in timely fashions. Hopefully this article will help people realize the need for a will. I think it is interesting how people split up their money, for example how do you decided how much money you want to go to each family member? Should you split the money equally between siblings, or whichever has helped you out the most during your life? I also think it is crazy how so many people throw a fit about how the funds are split when the person is already gone. Even if it might not be split fairly, the beneficiaries should learn to accept what they were given.
ReplyDeleteSince I am currently 16 this has never crossed my mind. It is very smart to start thinking about that at a younger age. I know most people would not want the law to take control over where all your hard-earned life savings go. This post made me think about where I would put my money and who I would write in my will. This was a great run through of what to do as well. This allows people to know what they need to do in order to write their will.
ReplyDeleteThis is a topic I have been quite curious with. I even considered writing about it for my own blog post. This is actually a very important document for everyone that I know a lot of people neglect. I’ve seen and heard of many people’s wills and requests become complicated messy, and even overridden due to the lack of clearness or unofficiality of the will they last wrote. Old wills can come into conflict with new ones if not done correctly. In certain situations, when the people mentioned in the will become unclear after one's passing, sometimes there are even people who are authorized to move their money around even if the person who passed had not wanted it that way. I think knowing how to write a proper and valid will and maintaining it is something we all should keep in mind even if we feel there is no need. No matter how unlikely it seems, no one knows what will happen tomorrow and outdated or even nonexistence wills can let your assets fall where you don't want them. I’m glad someone decided to write about these often overlooked and underestimated important documents.
ReplyDeleteThis was very informative on how to get started with writing your will. You're totally right that we don't know when we will exactly die, it could be soon but it could to be later so it's better to prepare now. Just like it's good to start saving for retirement it's also good to save for your funereal so that the expenses aren't left for your family and husband to cover along with what you want so that it's not left for them to decide when they're grieving for their loss already.
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