Five Reasons Why I, a Single 27-Year-Old, Have a Will

Let’s talk about death my debt ridden, millennial friends in the prime of our lives!  Specifically, what’s going to happen when you die. 

I would be the first to admit that my accumulation of student loan debt, stolen streaming services passwords, and Starbucks Stars would hardly qualify as an “estate.” But, there are several reasons why I’ve started estate planning and you should too.  Specifically, here are five reasons why I have a will:

1) I’m Not Legally Related to My Many of Loved Ones

I don’t have children or a spouse, nor do I intend on having either of these any anytime soon.  But, that doesn’t mean I don’t have people in my life that I want to make sure are taken care of when I die.  For me, I have provisions in my will that make sure my dog doesn’t end up at a shelter and that a portion of whatever estate I have goes to charity.  Neither of these would happen if I were to die tomorrow without a will.

There are five major groups you should think of when estate planning spouses/partners, children, family, friends, and pets.  If you can think of one person in any of these groups that you want to make sure is given something or provided for after you die, you should get a will to make sure that happens. 

2) I was Able to Bundle My Power of Attorney and Living Will

Everyone should have a durable power of attorney, period, end of story.  A power of attorney will enable whomever you nominate to make financial and medical decisions should you become incapacitated.  I also have a living will, which solidifies my intention to not remain on life support if I lose brain function with no hope of recovery.

Many firms will bundle these services as a part of getting a will, giving you a real bang for your buck. 

3) I Got to Pick My Executor

Your executor is the person who will deal with your affairs after you die.  This means everything from dispersing your estate, settling your financial accounts, and managing access to your social media accounts.  Now that I’ve said this person will likely be looking through your phone and laptop, I’m sure you’ve already thought of someone you’d rather have handling that than a stranger. If you die intestacy, this person will be chosen by the probate court, but if you have the option of nominating a person if you have a will.

4) I Don’t Want a Funeral

While I’m sure not everyone is as creeped out as I am by the idea of a bunch of people in black lamenting over my memory, the point is that I have a plan and I have it written down.  I’ve provided in my will that my body will be shipped off to science and that’s that.  No service, no grave, no tombstone.

You can provide for everything that you want to happen to your body after you die.  If you want to be buried in your favorite baseball cap or specific songs sung at your service, you can put it in your will.  If you want to be cremated and your ashes scattered at Burning Man, you can put that in your will too! 

Planning a funeral, deciding how to handle your body, and other decisions relating to your memorial are heavy emotional decisions that your loved ones will have to make while grappling with the emotional turmoil of no longer having you in their lives.  Whatever your preferred celebration of life, simply having a plan written down can give your family some semblance of stability in an chaotic time.

5)  My Will Can Grow with Me 

A well drafted will can follow you through most of your life.  A will doesn’t just deal with what you have now, it will govern everything you have when you die, whatever and whenever that is.

But, wills are also easy to change!  In fact, you should, as a part of an active estate management plan, get your will revised, at minimum, with any major life event, such as getting married or having a child. 

These aren’t the only benefits to having a will, there are a range of cost savings and potential tax benefits that an attorney could advise you on.  There is no “good time” to start planning for the inevitable, so you might as well do it now! For assistance, contact one of our Estate Planning attorneys at our Sioux Falls, Sioux City, or Omaha office.