Many people leaving high school or entering college never once consider whether they should have a will. Why should they have a will, after all? It’s not like they have an estate to give away if they die, right?
That’s not exactly true.
Many people do make wills in preparation for their death to help their friends and family disperse their estate. Despite that, a will isn’t just a legal document that lets someone decide how their estate should be handled. If you’re in your early 20s or even your late 30s, you may need to reconsider why you need a will and other estate plans.
In an age of digital assets
People often associate a home or car or collection as making up part of their estate, which, after much deliberation, will be transferred to a named heir in their will. Today, a growing number of assets are owned in the digital world.
Many young people today have invested in their future by buying Bitcoin or NFTs, with the intent of banking on fluctuating prices designed much like the stock market. If these assets aren’t addressed in a will, they may be lost in the cloud indefinitely.
You may not realize this, but your user data won’t immediately go away after you pass away – which could mean that awkward tweet you posted will be left for history to ponder over forever. While most companies won’t directly transfer the ownership of your social media to someone, you could designate someone to deactivate or memorialize your Facebook, Twitter or Instagram accounts.
Your will can also be used to pass on your laptop or phone to family and friends – giving them access to personal writings or photos you wished to share.
Ensuring your digital assets are respectfully given to your friends and family isn’t the only reason you should have good estate plans – even at a young age. If you want to know what a will can do for you, reach out for legal help that can provide you with more options.