If you’re looking for a one-word answer, no.

If you want a 15-word answer, having a will is likely a good idea if you’re an adult of any age.

Many people consider wills (and estate planning in general) something for wealthy families or older family members. But a will serves an important purpose: it’s a practical tool for protecting your loved ones, safeguarding your assets, and ensuring that your wishes are honored, even when you can no longer speak for yourself. 

Notably, many people don’t realize how many assets they have. 

A pet? That’s considered an asset. 

A 401(k)? Also an asset. 

Dogecoin? Yep, it’s an asset. 

So, if you’re still on the fence or unsure where to start, here are some considerations to keep in mind as you write your will (or consider starting one). 

Why make a will at a young age?

When it comes to life, we have to expect the unexpected. You may be young, strong, and healthy, but tragedy can happen at any age, whether through illness, a car accident, or a natural disaster. 

It’s also important to remember that a last will and testament can designate more than just beneficiaries—you can also determine who has power of attorney if you become incapacitated, along with health care directives. 

Even if you have what you consider minimal assets, a will can help ensure these assets are distributed according to your wishes, not state laws. This can also prevent disputes between your loved ones, minimize unnecessary conflict, and record your intentions. 

Finally, new and expecting parents, or parents of any age, can also use a will to help protect their children in the event of your passing. From naming a guardian to establishing a trust for your children, this can ensure your children are cared for in a worst-case scenario. 

Understanding your assets

Assets are not just the amount of money you have in the bank. Your assets include:

• Any real estate you own
• Retirement accounts, including 401(k)s and IRAs
• Business assets, such as ownership of a small business
• Digital assets, including email, social media, subscriptions, and other online accounts
• Cryptocurrencies and NFTs
• Personal property like jewelry, artwork, or automobiles
• Pets
• Life, home, or health insurance
• Investments and pensions

Some of these assets, such as cryptocurrency wallets, could be highly difficult to access in the event of your passing without sharing the necessary recovery phrases and wallet details. Hence, planning is essential!

Choosing your beneficiaries

Identifying your beneficiaries means figuring out who will receive your assets. Depending on your current situation, this may be crystal clear or uncertain. 

There are a couple of points to keep in mind here: 

1. You get to decide how you want to distribute your assets! Whether you want them to go to your parents, certain family members, a close friend, or a charitable organization, that’s up to you. (But if you’re feeling uncertain, talking to an estate planning attorney can provide some useful clarity.)

2. Once you have a will, it’s not set in stone; you can always change your will! We’ll hazard a guess that you may need to change it over your lifetime. Again, working with an estate planning attorney can ensure it reflects your goals and circumstances over time. 

It’s also important to know that if you don’t have a will, you lose the ability to distribute assets according to your wishes if you pass away. Instead, your assets are distributed according to state law. If you are unmarried and childless, they will usually go to your parents. If you’re married, then it will likely go to your spouse. 

What can happen if you don’t have a will?

If you die without a will, this is known as “dying intestate” (yes, there’s an actual word for it). If this happens, your assets are distributed by the state through probate. 

Probate is the state’s process of ensuring that assets are legally distributed per state laws, and it can be a long, complicated, and even expensive process for families to go through, especially without the proper legal documentation in place. 

Another issue to consider is guardianship. If you have children but no will, your family cannot determine their legal guardian. State laws determine who cares for your child and what they inherit from your estate. 

Choosing the right Texas estate planning attorney

In Texas, you have the right to create a handwritten will, which, if done correctly, is legally valid. 

That said, handwritten or DIY wills or templates downloaded from the Internet can encounter legal issues, which can be difficult and heartbreaking for beneficiaries to navigate. 

An experienced Texas estate planning attorney can ensure you have the correct documentation based on your wishes, assets, and beneficiaries. They can provide relevant, personalized guidance specific to your circumstances and ensure your last wishes are respected. 

A will isn’t just for “rich” people—it provides you and your loved ones peace of mind and protection when you’re not around or can’t speak for yourself. 

Drafting your will can be overwhelming. An experienced attorney can help.

Whether you have multiple asset types, want to protect your children, want your loved ones to avoid unnecessary legal issues, or have no idea where to start with a last will and testament, you don’t have to figure it out alone. 

The estate planning attorneys at The Law Offices of Shann M. Chaudhry, ESQ., can help guide you through the process and build a will that delivers peace of mind to you and your loved ones. 

Schedule a consultation to learn how to build a will that will stand the test of time.