Three Reasons to Make a Will in Your 30's (even if you don't feel "ready")

"I'm young - I have plenty of time."

"I don't have kids or anything."

"I just don't really have that much to my name."

All of the above are common (and honestly valid!) reasons that younger adults either deprioritize or delay putting together a last will and testament.

There is a common narrative that in our 20s, we are carefree, adventurous, maybe even impulsive. We haven't accumulated any wealth or assets, yet, nor have we settled into true long-term relationships. In our 30's and 40's, the pressure mounts to settle down with a partner, have children, and start working on careers. In theory, that means we start to accumulate assets in terms of houses, insurance policies, savings, investments, etc and that we have some clear cut dependency relationships in our spouses and children.

For a rising number of younger adults (*cough* us problematic millennials), this narrative is complicated or totally thrown off.

• We're marrying later or not at all

• We're delaying having children or opting to stay child-free altogether (and struggling with fertility)

• Homeownership is increasingly off the table for our generation

• Wealth accumulation just looks different for our generation, with the first decade or two of our adult earning years being marred by high student loan payments, repeated economic crises, and a clash between stagnant wages and inflation

Whether you identity with the first scenario or, like me, feel like you're in the second boat and aren't going to hit some of those milestones anytime soon, I'd still encourage you to think about putting together a will without waiting to feel "ready" or "adult enough."

Here are three things to think about:

1) With luck, this will be a first draft!

Death is inevitable, but with luck and healthcare advances, this version of your will won't ever see daylight! You can revise your will at any time. Stuck in analysis paralysis because you're thinking about trying to buy a house in the next few years, or you're thinking about making a change to your family structure and don't know how to handle those hypotheticals? Give yourself a break and stop trying to account for all future scenarios -- revise when those things come to pass and you have a clearer picture of the scenario at that time.

Another way to frame this, is that it's better to start thinking through how you would like to handle your estate or financial legacy while your assets and relational networks are simpler. The odds are good that these will only get more complex in the coming years as more relationships come in and out of your life.

2) This is a great chance to clarify who will best hold your values with regards to your assets. This is a great chance to see if there are any gaps or areas of concern that might require conversations or other legal tools.

In Colorado, the person who will help sell off any of your home, car, etc and settle debts before dispersing assets is known as the "personal representative." You may also have heard the term "executor" in other states. If you do not have a personal representative defined in your documents, a judge will typically appoint one based on the state's default succession laws.

For unmarried adults with no children or with underage children, your parents will probably be appointed. If they has also passed, siblings, nieces and nephews may be appointed. Are your parents the best fit? Maybe, maybe not. In the event that no next-of-kin can be established for you, your assets will become property of the state (see point 3).

For married adults, your surviving spouse will be the default personal representative. Again, this may be the absolute best choice! Or, it may be beneficial to bring in someone who can support your remaining family by taking on that role, since it can be time-consuming and stressful. https://www.coloradoelderlaw.com/articles/choosing-a-suitable-person-to-act-as-your-personal-representative/

3) Without direction from you, the state will make default decisions about how to distribute your assets.

If you have more than $20k in assets (the standard costs of probate court), you can direct where your remaining assets go.If you have a car that's worth a few thousand dollars, a life insurance policy, and a little bit in savings, that will get you over the threshold into this territory. Maybe you have family or friends that you want to help out, or maybe you just want to make sure that a nonprofit or a cause dear to your heart gets a little boost through your planned giving.

In the spirit of not overselling: a will is a great start, but it won't solve all problems with your estate.

Three more things to think about in terms of money and estate managements:

1) A will does not help guide what happens if you become incapacitated but are still alive. This is where other tools -- like durable Power of Attorney and living trusts -- may be better avenues to protect assets and reduce conflict over your care.

2) A will does not eliminate the pains of probate court. Sadly, your beneficiaries will still need to go through probate court when you die, although Colorado's simplified probate process and a clear will make this as smooth as it can be.

3) A will does not help pay for post-death care such as burial, cremation, and funeral expenses in a timely manner. Many funeral homes require payment upfront or within 60 cays for services rendered, and most celebrants and indepdendent death care workers also work within this timeframe due to limited cash flow. Even simplified probate can take 9-12 months to fully distribute any assets assigned in a will, so this money will not be available to pay for post-death care. Other tools can include pre-planning and pre-paying with a funeral home or designating a Financial Power of Attorney with access to funds needed for death-related services.