Why You Need A Will (even if you think you don't)
The COVID-19 pandemic has created a tremendous amount of uncertainty about the future for millions of Americans. In fact, the increased level of anxiety triggered by the deadly, global health crisis has caused 25 percent of American parents with children under the age of 18 to realize that estate planning should be an immediate priority for them, according to a recent study by the insurance and wills website Fabric. But it's not just parents with young children who should have a will in place. Experts suggest that no matter your age or how good your health, it's best to draft a will earlier in life, rather than later. Here's why.
Wills Are Not Only for Those With Significant Assets
While you're young, you may not yet have accumulated substantial net worth. But that's no reason to ignore creating a will, says Karen Bussen, founder and CEO of Farewelling, an online platform designed to help people navigate funerals and end-of-life planning. "Even if you don't have a lot of assets, you can use a will to communicate instructions clearly to loved ones. An example would include guardianship for a pet, or what you'd like done with artwork you've created," says Bussen.