Graduating high school is an exciting milestone that marks the beginning of independence and adulthood. While most young adults focus on college plans, career goals and newfound freedom after high school, one important task often gets overlooked: creating a simple will.
If you’re 18 or older, you’re legally considered an adult, which means you’ve gained legal control over your personal and financial decisions. Without a will, your assets—no matter how modest—could be distributed according to state laws, not your wishes, in the event of your untimely passing. While no one likes to think about these possibilities, being prepared is important.
The benefits of a simple will
It might seem unnecessary for an 18-year-old to think about estate planning, but having a will is an important step in protecting your future and your wishes. A will allows you to decide who inherits your belongings. Even small amounts of money or property can be meaningful to family members or friends.
Even for young adults with few possessions, a will is about more than just material assets. If you have specific items of sentimental value, a will can help you to better ensure that they are given to the people you choose. If you have pets, a will can specify who will care for them and allocate resources for their well-being.
And, while unlikely at a young age, if you have dependents or younger siblings you care for, a will can designate a guardian to ensure their well-being.
If you’re still hesitant to take this step, know that creating a will as a high school graduate doesn’t mean locking into decisions forever. A simple will is a starting point that can be updated as your life changes—when you go to college, start a career or build a family.
