Does Your Teenager Need a Will?
November 2010
The short answer: Yes. Creating a will can put a young person in the mindset of
someone who is going to have a successful financial life and has thoughtfully
taken on adult responsibilities.
Most 18-year-olds don't have a will, but there are several good reasons why
they probably should.
Whenever anyone dies without a will, state law determines how assets are
disbursed. That can mean less money and long delays for heirs — putting stress
on a family already dealing with the death of a young person.
Benefits.
Simple wills can be created relatively inexpensively by an experienced attorney.
We recommend that, as soon as a young person turns 18 – the age when one becomes
an "adult" and can enter into a legal contract – a will should be drawn up.
Drafting a will sparks a young person to consider what happens after they get
married and have children of their own, as well as what they own and what it is
worth.
There are more practical reasons for it, as well. Young people often have money,
whether it comes from an inheritance or from a good-paying job. Meaningful
possessions to your teen could include a beloved pet, a music collection or even
a first car. If something happens to the young person, what is going to happen
to the animal, the collection or the car?
Unplanned teen pregnancy is another compelling reason to draft a will. No matter
how much you teach your child about abstinence or educate them on using
contraceptives, they may still become young parents. Who will be the baby's
guardian if a young, perhaps unwed, parent dies? The young parent's will can
state who will be the child's guardian upon his or her death.
It's important that wills created for young people are updated periodically to
reflect new assets and additions to their families.
Raising the Subject. If you find it difficult to broach the subject of a will with your children, you
can camouflage it by including it in a larger conversation about financial
issues and telling the child, "We're going to open a bank account in your name,
meet with a financial advisor and write a will."
In our experience, we find that many young people are eager to take any first
steps that bring them closer to the rights and privileges of adulthood. Creating
a will doesn't have to conjure up thoughts of death; rather, it can put a young
person in the mindset of someone who is going to have a successful financial
life and has thoughtfully taken on adult responsibilities.
Adapted from the Daily Plan-It newsletter. Hoopes,
Adams & Alexander, PLC, is a Chandler, Arizona, law firm offering services to
Phoenix-area clients in the areas of estate planning, entity formation,
commercial and real estate transactions, and civil litigation. |
