Any time is the right time to create a Will. In fact, it is best to create a Will when you are younger and update it over time. Preparing a Last Will and Testament is a process that is often considered long, expensive, and daunting for many people. It doesn’t have to be that way, and part of that is preparing your Will at an appropriate age. This often causes people to question whether or not they need a Will at 20 or 30 years of age. Here is a young person’s guide to writing a Will.
Do young people need a Will?
There are many benefits to having a Will prepared at a younger age. It ensures that your wishes are respected should you pass away. Without a Will, legal standards apply and your specific wishes cannot be executed.
Another important thing to consider is how your life situations evolve. It is important to keep your Will up to date if there are any major changes to your living situation.
At younger ages, many people do not feel they have many assets worth protecting. Why write a Will if you have nothing you are really considering as worthy of distribution? Isn’t 20 or 30 years old too young to create a Will?
You may not know the true value of your estate after you have passed away. In fact, passing away at such a young age is often the result of an accident.
When accidents like these occur, someone can be held liable. This can turn your estate into a multi-million dollar settlement. Without a Will, there is no way for these new assets to be divided according to your wishes. Think of Amy Winehouse, whose entire estate went to her parents following her death because she had not prepared a Will.
This is why it is extremely important to have a Will at the earliest convenience. While an accident is unlikely, there is a certain level of peace that comes with knowing your wishes will be respected should any tragic or extraordinary incident occur.
Is writing a Will needed at 30?
While any age is perfect, 30-year-olds often find themselves navigating through major life changes. Some may already be married or starting families, others can be alone or finding themselves in a common law relationship.
These types of major changes in your living situation can change how you wish for your assets to be divided. It is extremely important to consider what you wish to occur should the unthinkable happen.
If you have young children, you may consider preparing a Will to ensure the custody of your children is clarified. Not doing so can mean you lack any control over the custody of your children should the unthinkable happen.
If you are married, you should clarify how your assets are divided between your partner or your other family members.
Many people at this point of their lives may not be married or have a family. This makes it particularly important for them to clarify how their assets get distributed. Without this clarification, legal standards can apply, which may not always follow your wishes.
Should common law partners create a Will?
Adults who are in common law relationships can find themselves in difficult situations. In most Canadian provinces, common law partners do not receive anything should their partner pass away. This means creating a Will is essential if you wish to share assets with your partner.
Not producing a Will when in a common law relationship could mean complications with regards to home ownership, as well. In many provinces, your partner would not inherit your share of your home unless clarified in a Will.
Common law partners also face the potential of a conflict or disagreement in terms of power of attorney. If you were to require specific medical treatment, it is possible your parents and partner dispute your treatment. It is important for you to have a Will to dictate who you believe should take the final decision.
These types of situations are hard to discuss. However, 30-year-olds are often facing serious life changes that are worth considering. These different circumstances mean it is a great time to start preparing a Will if you haven’t already.
How can younger people afford to create Wills?
One daunting part about producing a Will is the price and process behind all of it. The idea of pricey appointments to produce your Will sounds unncessarily complex. Why spend all of this money to create a Will if it likely has to be updated in the future?
However, you do not need expensive legal experts for your wishes to be respected. No province in Canada requires a notary stamp or fancy legal vocabulary for a Will to be valid.
In theory, anyone is able to write a Will entirely by themselves. Creating a Will in accordance with provincial law ensures it is legal. Signing a Will in front of two witnesses means it is legal and binding in any Canadian province.
The real question is how a young adult can draft a good quality Will for an affordable rate. Luckily, a young person’s guide to writing a Will does exist.
A young person’s guide to writing a Will
Online services like LegalWills.ca allow anyone to draft a valid Will that meets legal standards. For a very affordable rate, the system allows anyone to create a Will in a timely manner without any overcomplications.
Writing a Will should always be part of a “better safe than sorry” mindset. For young adults, it is easy to write it off as an unnecessary expense or waste of time. However, new tools mean there are cost effective and affordable alternatives that allow for adequate protection and peace of mind.
Therefore, young people who are 20 years old are not too young to create a Will. Now more than ever, there is no reason to avoid protecting your wishes should something happen. Even at a relatively young age, it is something everyone should consider.
- A young person’s guide to writing a Will - September 23, 2022
- Advance Serious Illness Planning – how does this fit into an estate plan? - February 5, 2021
- Why writing a Will is the first thing to do as a new parent - September 3, 2020
