Life happens, and young adults in their 20s and 30s aren’t immune from unexpected illnesses or accidents. A will is an essential document in such situations, designed to lift the burden of legal challenges for surviving loved ones. Here's a closer look at why it’s such a valuable tool for people of all ages.

Why Young Professionals Need a Will

Anyone who's amassed debt, assets, or both needs to outline a financial plan for these elements. The document details what debts are owed and how to handle them, as well as how to distribute remaining assets after accounts are paid. 

A person’s estate automatically enters probate after their death. Without a will in place, the court follows the rules of intestate succession. In Ohio, surviving spouses and children take precedence, with all of the funds and property going to them. However, if they’re not married or have descendants, then the order of beneficiants is parents, siblings, and then grandparents. 

Many millennials are waiting to get married until later—the average age is now between 28 and 30 years old—or choosing not to get married at all. If they don’t have a will, they risk their long-term partner not being legally eligible for their assets even though they share finances. Creating the document provides full control and ensures their wishes are met. 

What to Include

Wills are designed to be simple, straightforward, and short. However, still be thorough enough to make sure all elements are covered. Document all debt accounts as well as assets, including property, jewelry, and investments. For the investments, also dictate how they’re to be separated among the beneficiaries, if there’s more than one. 

Also, choose an administrator. Their job is to operate as the main executor and make sure all debts are paid and assets are distributed based on the wishes outlined. As such, this person should be trustworthy, preferably one that’s not also a beneficiary, such as a lawyer.

Keep your loved ones protected with guidance from Rutherford Law Office in Chillicothe, OH. Since 1998, the local, experienced attorneys have provided personalized legal assistance with multiple estate planning tasks, including wills, living trusts, and probate representation. Learn more about the team and the services they provide throughout Ross County online or by calling (740) 775-7434.