In the state of New York, a person must reach the age of 18 before being legally able to draft a Last Will and Testament. While there is an ability to make a Will at a young age, many wonder if it is legally necessary.
Too many people think a person should only think about a Will as they mature and move on up in years. This is not the case. There are several circumstances that necessitate having a Will made quite early on in life.
Starting a family
Marriage is an ideal time to think about drawing up a Will. Legal paperwork ensures that any of the possessions you acquire or share with your spouse become the sole property of your spouse. Starting a family also involves the birth of children. Should you pass on before your children reach the age of 18, you need a Will to choose who will be the guardian of your children and to safeguard their inheritance.
Making major asset purchases
A Last Will and Testament provides the court with guidance on what to do with your possessions once you pass away. Marriage is not the only motivation for making a Will, as you can leave your possessions and property to family and friends or have it donated to a charity or other organization. If you purchase property, buy a house, invest in a boat or acquire other significant assets, consider making a Will to determine what happens to these once you are gone.
When it comes to having a Will, think about your situation rather than a specific age. Being proactive is always a wise policy concerning estate planning.