Many Americans do not have wills. According to AARP, the majority of people over the age of 18 do not have one. For obvious reasons, most people in their 20s do not think about estate planning.
However, starting your will in your 20s gives you a headstart later.
What can you include in a will?
What you include in your will depends on your situation. If you are a college student with few assets, your will may look simple. You can leave behind what few assets you have to loved ones. However, if you have children, you have to think about their future. The U.S. News states that dependent children need to have a guardian in your will. While you do not have to obtain permission to name someone, you should always talk with your loved ones about who you want to care for your kids if something happens to you.
How can you start your will?
Start by choosing your executor for your will. The executor is the person responsible for carrying out your wishes. In your 20s, you may choose your parents or other older relatives to carry out your wishes. Keep in mind that you have to change the executor as you age. You want the executor to be someone you think will be around to handle your affairs.
Think about who you want to leave the property to. For instance, if you have children, are there items you want them to have as they age or when they can adequately care for them? Wills require detail about your choices.
Once you have a will, you can store it in a physical place or electronically.