At What Age Should I Get A Will?

Many people associate creating a will with older age, but in reality, estate planning is essential at any stage of life. Life is unpredictable, and a will ensures that your assets are distributed according to your wishes and that your loved ones are protected, regardless of your age or health. Here’s a look at why it’s important to consider a will at different stages of life and the benefits of early estate planning.

Early Adulthood (18-30 Years)

Once you turn 18, you are legally an adult, which means your parents or guardians no longer have automatic authority over your healthcare or financial decisions. If you pass away without a will, state laws will determine how your assets are distributed, which may not reflect your personal preferences.

While younger adults may not have substantial assets, a will allows you to:

• Specify Beneficiaries: Even if you don’t have significant assets, a will can designate any savings, investments, or personal property to the people or causes you care about.
• Name a Guardian for Minor Children: If you have children, a will allows you to name a guardian who will care for them if something happens to you. This decision can be crucial in ensuring their well-being and stability.

Building a Family (30-50 Years)

As you enter this stage, life often becomes more complex. Many people accumulate assets such as a home, savings, and investments, and may start a family. Creating or updating a will during this phase can give you peace of mind and protect your family.

Here’s why having a will is essential in this stage:

• Protecting Your Children and Spouse: A will lets you specify who will inherit your assets, ensuring that your spouse and children are provided for.
• Appointing a Guardian for Children: If you have young children, naming a guardian in your will is vital. Without this, a court may decide who will raise your children if something happens to both parents.
• Planning for Life Changes: Life events such as marriage, the birth of a child, or purchasing a home can affect your estate plans. Regularly updating your will after major life changes ensures your wishes are always current.

Approaching Retirement (50-65 Years)

As you near retirement age, estate planning becomes even more critical. At this stage, you may have significant assets, and your family dynamics may be well-established. This is an ideal time to review and update your will, making sure it reflects your current wishes and circumstances.

Key considerations for estate planning at this stage include:

• Providing for Heirs and Charities: As your assets grow, you may wish to leave a legacy for your children, grandchildren, or charitable causes. A will lets you outline how you want these assets distributed.
• Minimizing Estate Taxes: An updated will, combined with other estate planning tools, can help minimize potential estate taxes, preserving more of your wealth for your beneficiaries.
• Preparing for Health-Related Decisions: Alongside a will, consider creating an advance healthcare directive and power of attorney, which will designate someone to make medical and financial decisions on your behalf if you are unable to do so.

Retirement and Later Life (65+ Years)

In your later years, a will becomes an essential part of planning for your legacy. Having a comprehensive estate plan in place ensures that your family and loved ones are cared for, your healthcare wishes are respected, and your assets are distributed according to your intentions.

Important considerations in this phase include:

• Ensuring Financial Security for Loved Ones: You may have specific instructions for supporting family members, such as adult children, grandchildren, or even great-grandchildren.
• Updating Beneficiaries and Executors: It’s crucial to periodically review your will to ensure that your named beneficiaries, executor, and any guardians are still appropriate. Life circumstances, such as the passing of a spouse or family member, may require adjustments.
• Estate Planning for Special Needs: If any of your heirs have special needs, you may wish to set up specific provisions, such as a special needs trust, to ensure they receive the support they need.

Final Thoughts: When Is the Right Time to Get a Will?

The answer is simple: It’s never too early to create a will. While people often delay estate planning until later in life, having a will at every stage can protect your assets, reduce the burden on your loved ones, and bring peace of mind. In addition to a will, consider creating a comprehensive estate plan that includes powers of attorney, healthcare directives, and trusts as needed.

At SMITH | ASHCRAFT, we are here to guide you through the process, helping you understand the options available at each stage of life. Contact us today to schedule a consultation and take the first step toward securing your future.