As a young adult, you’re likely focused on exciting milestones - buying your first home, growing your career, or starting a family. But amidst these moments of growth, it's equally important to think about protecting your future. One of the best ways to do that is by creating a will. While estate planning might seem like something only older adults need to worry about, it’s actually a crucial step for every Albertan aged 18 and older.

Why You Need a Will

A will is a legal document that outlines how your assets should be distributed after your death. It can also cover other essential elements, such as naming a guardian for your minor children or specifying your funeral wishes. Without a will, Alberta’s intestacy laws will decide how your assets are divided, which might not align with your personal wishes or the needs of your loved ones.

Debunking Common Myths About Wills

There are several misconceptions about estate planning that often prevent young people from taking action. Let’s debunk a few:

1. "I’m Too Young to Need a Will."
   Estate planning isn’t just for the elderly. If you have assets, a partner, or minor children, a will is essential. The unexpected can happen at any age, and having a plan ensures that your loved ones are cared for.
2. "Wills Are Only for the Wealthy."
   Even if you don’t have a vast estate, a will is crucial for designating who inherits your assets, no matter their value. It also allows you to appoint an executor to manage your estate and handle any outstanding debts.
3. "Creating a Will is Complicated and Expensive."
   While creating a will does require some time and thought, it doesn’t have to be complicated or costly. Spending the money upfront for your estate plan is worth it to ensure you have a solid estate plan in place.

Steps to Get Started with Your Will

1. Take Stock of Your Assets and Debts
   Make a list of what you own (like your home, savings, investments) and any debts you owe. This will help you understand what needs to be included in your will.
2. Choose Your Beneficiaries
   Decide who you want to inherit your assets. This could be your partner, children, family members, or friends. Be specific about what each person should receive.
3. Select an Executor
   The executor is responsible for carrying out your wishes and managing your estate. Choose someone trustworthy, organized, and willing to take on this role.
4. Appoint a Guardian for Your Children
   If you have minor children, naming a guardian is one of the most critical parts of your will. Choose someone who shares your values and whom you trust to raise your children.
5. Consult with a Professional
   While there are DIY options, consulting with a lawyer familiar with Alberta’s estate laws can provide peace of mind that your will is comprehensive and legally sound.
6. Keep Your Will Updated
   Life changes - marriage, children, or new assets - should prompt you to review and update your will. Make it a habit to revisit your estate plan regularly to ensure it reflects your current wishes.

Conclusion

Creating a will is about more than just preparing for the end; it’s about building a secure future for yourself and your loved ones. By being proactive now, you can avoid complications later and ensure your wishes are respected.

If you’re ready to take the next step in securing your future, please reach out to me. I can guide you through the estate planning process to help give you the peace of mind that comes from knowing your future is well-protected.