I don’t Need a Will – I Have Student Loans Instead!
78 percent of millennials (ages 18-36) and 64 percent of Generation Xers (ages 37-52) do not have a will. -AARP[1]
Many of our young adult clients tell us that they didn’t think they needed a will or power of attorney because they don’t have children or substantial assets (let alone an estate(!) In fact, often times they tell us that their student loan debt far outstrips any assets they have). Don’t be fooled – children and/or piles of money are not prerequisites for appropriate planning. The reality is that a will may be the only tool available to you that will keep your state’s one-size-fits-all laws from determining what happens when you pass away.
Perhaps most importantly, engaging an experienced estate planning lawyer will ensure that you have a plan in place not only for your “stuff” but also for having important medical and financial decisions made on your behalf if you are incapable of doing so (think: car accident, illness/injury – especially while traveling, lightning strike, shark attack, etc., etc.).
As with most things worth doing, it will take a few hours of your time and some of your hard-earned money to put a plan into place, but it’s likely going to take far less of those resources than you thought – and the peace of mind that comes with having a plan in place is invaluable.
Still not convinced you need an estate planning lawyer? In case that’s how you feel, we’ve put together this handy survey to help guide your decision. If you answer yes to any one or more of these questions, it’s time to give an estate planning attorney a call:
-Do you have any debt?
-Do you have any savings or investments?
-Do you own/operate a business?
-Do you own any real property?
-Are you married or in a long term committed relationship?
-Do you have children?
-Are you able to make decisions when you’re dead? (This one is a trick question – if you answered yes, you probably don’t need an estate plan, but we’d definitely enjoy talking to you anyways)
[1] https://www.aarp.org/money/investing/info-2017/half-of-adults-do-not-have-wills.html
