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At What Age Should I Make a Will?
Generally speaking, there isn’t a specific age when someone should make a will since this decision is largely personal and dependent on individual circumstances. However, many advisors recommend that individuals […]
Generally speaking, there isn’t a specific age when someone should make a will since this decision is largely personal and dependent on individual circumstances. However, many advisors recommend that individuals should either establish a will as soon as they are of legal age or as soon as they have assets, dependents, debts or an increased risk of death. Even if someone does not have extensive assets, it can be beneficial to have a will since it helps establish key decisions regarding guardianship and assets.
Most states recognize the age of 18 as the minimum legal age to make a will. However, the legal age can vary by state. For example, 16 years of age is acceptable in Louisiana and 14 years of age is acceptable in Georgia if the individual has mental capacity. While individuals at these ages may not have extensive assets or related financial concerns, establishing a will can address the distribution of digital assets such as photos, websites, blogs, personal accounts and beyond.
Life events and circumstances can be good indicators of the need to create or update a will. Example events can include getting married, having children or starting a business. As additional major life events occur, individuals should revisit and update their will to reflect these changes to ensure that all of their assets are appropriately addressed. Although many people typically think of creating a will once, never to return to it again until it is necessary after their death, wills can be revised and updated throughout a lifetime.
Sources
“Requirements for Making a Will”. Upcounsel. https://www.upcounsel.com/lectl-requirements-for-making-a-will
“Why you are never too young to make a will”. The National News. https://www.thenationalnews.com/business/money/2023/07/11/why-you-are-never-too-young-to-make-a-will/
“The Earliest Age You Can Create a Will: A Guide to Early Estate Planning”. Wills.com. https://learning-center.wills.com/the-earliest-age-you-can-create-a-will-a-guide-to-early-estate-planning/
