Are Millennials Too Young to Have a Will?December 6, 2021
We know what you are probably thinking – “will-writing” and “millennials” do not seem like they belong in the same sentence. But just because your bank account balance may barely cover your monthly expenses or the fact that you’re not going grey around the edges doesn’t mean you don’t have something or someone to protect. It’s also likely that you may even have a cherished pet or two. What would you want to happen to your furry friend should you pass away? Dying intestate may have different plans in mind than you would have wanted.
A Will is important for every adult to have. In fact, as soon as you turn 18 you should be thinking about putting a plan in place and writing your Will. There are many “unknowns” in life and preparing for them now will spare your loved ones a great deal of stress and uncertainty down the road.
If you’re planning to distribute your assets to preferred individuals, help is available from estate attorneys in Pennsylvania. Here are a few reasons why a lawyer’s help might be necessary:
1. For Personal Rights
If you live a single life, on your death, then the properties and wealth you possess will go to your immediate relatives (parents, for that matter) when you die. Without a Will, your parents are given free will to manage your wealth, which may go against your personal preference if you want to leave it to your long-term partner, or your favorite charity.
2. For Conjugal Rights
Some marital relationships can be corroded by vague and incomprehensible conditions related to shares and assets. And so, it is important to have this aspect legally enforced. Since there is an assumption that all wealth will be transferred to a spouse in the event of death, one can technically defy this rule and specify to whom you want your assets to be bequeathed. It is important to note that a spouse cannot be disinherited in Pennsylvania but their share can be limited.
3. For Your Kids’ Welfare
It’s important to prepare as best you can for a possible untimely death, which will leave your kids without a provider. While there is still time, drafting a document complete with a legal guardian of your wish should be a priority. With the document’s authority, self-interested and ill-willing relatives have great difficulty going to court for guardianship issues.
4. For Your Pets’ Welfare
Another concern to consider is who will be in charge of your pets should anything terrible happen to you. For one, families are not always capable of taking care of pets. In that case, a Will provides necessary requests of who will shelter and care for your abandoned furry friends.
5. For Future Medical Decisions
One of the most neglected aspects of having a Power of Attorney is the power it gives to your selected representative if an emergency keeps you from making sound medical, financial, and legal decisions. More specifically, medical, and health-related emergencies are uncertain. This fact alone demands a person to appoint someone who will stand on their behalf during medical emergencies.
Hire an Estate Planning Attorney in Pennsylvania
An estate planning attorney’s power is necessary should you need to assign a person who will manage your wealth and properties for a specific period. Apart from the intention of securing material wealth, getting your legal documents drafted will provide a clear line of succession for your assets after your passing to avoid challenges and conflicts.
Don’t wait until it’s too late. Consult with a wills and estates lawyers in Pennsylvania through the team at Daley Zucker.