We tend to associate the concept of an individual’s “last Will and Testament” with the looming prospect of their nearing death. While young people may be less inclined to contemplate the aftermath of their passing, the other misconception is that most young people don’t need Wills or estate plans because they don’t typically have as much money or assets.
Whatever the reason is, the statistics don’t lie. According to a 2016 Gallup Poll that took place from May 4th to May 8th, 68% of Americans aged 65 or older had a Will in 2016, compared to 35% of Americans aged 30 to 49.[i] The percentage was even lower for Americans aged 18 to 29: a mere 14%.[i] Likewise, 55% of adults with an annual household income of $75,000 or above had a Will in 2016, compared to 31% of adults with an annual household income lower than $30,000.[i] With that, here is one crucial reason young families should have a Will: Selecting a guardian for your minor children.
It may not be the most pleasant conversation but have you and your spouse discussed who is going to take care of your minor children in the event their parents pass away? The answer may seem self-intuitive to you, but your family members might not share the same opinion. But hold on a second, why does their opinion even matter? It only matters if you do not specify a guardian for your minor children. Without a specified guardian, anyone can apply to the court for guardianship after you pass away. This means your estranged sister could apply for guardianship of your children when you would much rather have your mother (the kids’ grandmother) take care of them.
Young families can avoid this headache through proper estate planning. While your current estate will continue to evolve over the years based on career developments and life changes, one thing is fairly certain: you want to appoint a guardian over your minor children in the event of your death. This is the one crucial reason young families should have a Will, and the attorneys at Hepworth & Associates can help you accomplish that task.
Call now at (801) 845-9197 for help with your estate plan. [i] https://news.gallup.com/poll/191651/majority-not.aspx