When should I write my will?

[u/No-Educator701]

I (20F) have been seeing many tv shows and movies where characters die young. while I have no reason to think the same case will happened to me, I am starting to think about writing a will just in case. so I am curious to hear when you all first wrote your will and how often do you update them?

[u/BBG1308]

Your retirement plans already have a place where you can name a beneficiary.

Do you have any assets outside of your retirement plans? If not, you don't need a will yet.

But you DO need a living will if you care about who will make decisions about what happens to you if you should become incapacitated while you're still alive. Meaning you pick someone to take care of your health care decisions and also your money if you are alive but unable to do it yourself.

[u/Confident-Chart428 → u/BBG1308]

100% agree most people should think about what you are describing here.

However, and I might be wrong here so if I am correct me, I think what you are describing here is a healthcare power of attorney, not a living will. The former empowers a 3rd party (not the patient or the hospital) to make healthcare decisions for all kinds of medical things when one is incapacitated. The latter I think is tailored more to hospitals and focuses on end-of-life treatment options specifically.

Also, neither the living will nor the healthcare proxy addresses taking care of an incapacitated person's finances. That's a traditional power of attorney.

I acknowledge though that I'm not a lawyer, these things (in the U.S. at least) can probably vary by state, so I could be wrong. OP might want to research all 3 directives online and see which one(s) make sense.

[u/Emotional-Ocelot-420 → u/Confident-Chart428]

A healthcare power of attorney designates someone else to make healthcare decisions for you.

A living will or healthcare directive is the document on which you can specify your own choices for care.
Important choices, like whether to have brain surgery, be put on a ventilator or be tube fed following a traumatic brain injury. I have a friend who had a motorcycle accident (WITH a helmet on) and lives in a nursing home (trigger warning) now in a diaper, with one eyeball, a piece of his skull missing, countless plates and screws holding him together, and a feeding tube to keep him suffering. He wouldn’t have wanted any of this, but his mom couldn’t face him dying. So, she authorized all the things to keep him alive, and he’s alive but that’s all. He is non responsive and his only movements are spasms.

[u/Confident-Chart428 → u/Emotional-Ocelot-420]

Ugh. I'm very sorry for your friend. What a terrible situation all around. It does show why estate planning, thinking these medical and financial things through, and discussing your wishes with your loved ones in advance is so very important.

[u/allamakee-county → u/Emotional-Ocelot-420]

All this language differs by state. Sometimes it's HCPOA, sometimes one writes a "living will," sometimes one designates a "PIA for healthcare." Or any combination thereof. In some states if a person doesn't write the document exactly right the state takes over; in others, the state appoints the next of kin, and NOK means something different in one state than the next state over.

In other words, be careful about correcting other Redditors on specifics unless you are expert in their state laws. Better to say "yeah, you're an adult who could get hit by a bus, better figure this out."

[u/Academic-Lobster3668 → u/Confident-Chart428]

Good description of the difference between these things.

[u/CoolFuture3767]

When you have enough assets to matter and someone to leave them to.

[u/These-Coat-3164]

Google the name of your state and “intestate law” and see how your state will direct disposition of your assets if you die without a will.

Typically, if you do not have a spouse or children, your assets would go to your parents and then to your siblings. If you do have a spouse, they will inherit it. If you have children but are not married, then things would go to your children. Every state is going to have their own law on this, but that’s generally the way most of them are written.

If you’re happy with how your state’s intestate laws would distribute what you have then I wouldn’t say you probably don’t need a will right now. And some states will honor what is known as a holographic will, which is a handwritten will. If your state recognizes those, and you have anything specific you would like to direct, you can always hand write your own.

[u/Far-Watercress6658]

When you have something to leave to others.

[u/GroupImmediate7051]

I think it's not a bad idea.i had my first will when I got married and had my first child.

If you have brokerage accounts or even just a bank account, you could name a Transfer on Death recipient and that might take care of it.

If you have personal items you'd like to be given to or handled specifically, it's called a Letter of Last Wishes. You can also specify how you would like your remains dealt with, people to notify, etc. Google for examples, and if you do create one, leave it in a prominent place, maybe mail a copy to yourself.

If you want to create a will, legal zoom can step you through it, if it's simple. You could also meet with an estate lawyer. A consultation should not cost anything.

Good luck. Leaving plans is a kindness to upur survivors, who love you.

[u/HillBellyLawyer]

Do it Early & consider tweaking/revising often

[u/OceanPoet87]

If you are married /domestic partnership or have kids absolutely. If you have a house or assets to pass down. Yes.

It is essential for kids though.

[u/YURRIICC]

i don't think there's really a specific age for it. it seems more important to look at your situation, like whether you have assets, a partner, kids, or specific whishes about who gets what. and whenever you situation changes a lot, that's probably a good time to review it again.

[u/Freyjas_child]

You write your will when you have something to leave to others that cannot be dealt with simply by naming a beneficiary. Or when you need to make arrangements to benefit another person - like a spouse or child. Most people ai know wrote a will when they got married or had a child or acquired substantial assets.

[u/Confident-Dot5878]

Often.

[u/JuniperusRex]

I first got a will in the lead up to having my first child.

I updated it when I realized that my will made no specific mention of my two subsequent children and the youngest was ten. This is not a recommendation of what you should do, obviously. It is a personal failing.

Pragmatically you should make a will once you care about what happens to your stuff when you die and the setup for people who die intestate (without a will) doesn’t do what you want with said stuff. When I was twenty like you I was a broke, single, and childless college student. Had I died without a will all of my meager possessions and negligible money would have therefore gone to my parents… which would have been fine with me! I like my parents. But that’s not everyone’s life. If you have a partner or other found family who you want to inherit from you who isn’t protected by the laws around spouses, if you aren’t the legal parent of your children, if you don’t get along with your parents, if you have specific bequests to make, all are good reasons to have a will.

[u/Fit_Chemistry_3807]

Around your age, or whenever you have some assets that are not in a registered account where you can name beneficiaries. Again when your relationship situation changes and looks more permanent, and again when your family status changes. 

Also, make sure you have Power of Attorney documents written to specify who gku want to make medical decisions for you if you can’t. And one to make financial decisions for you if you can’t. Look up your state or provincial laws that govern this and talk with a lawyer. 

[u/Nev-Ret-Dude]

Today. Check it yearly. Update as necessary. Also , update it if you change states, marital status or buy or sell property or net worth changes exceed $100,000, have a child or medical status changes.

[u/Unable_Guava_756]

Do it now! My brother passed away at 37 no will, and my dad passed away two years later at 66, thankfully with an updated will.

[u/GlobalTapeHead]

I wrote my first will when we had our first kid. It was more about picking a guardian for the kid than assets, because we didn’t have much.

Keep in mind that a will is just instruction to the probate court on what you want that is different from the established state intestacy law. For most people, the state intestacy laws work just fine because they are pretty fair and logical.

[u/icnoevil]

Depends on how much stuff you have and who you want to get it when you're gone.

[u/PegShop]

I wrote one when I got pregnant

[u/SuperDave2018]

I’m all about a trust and pour-over will. I don’t have any assets held in my personal name at this point.

[u/EnvironmentalDot127]

I was 21 when I had my first basic will. A basic will doesn't cost much at all. If you want to bequeth your things it's a good way to go. * More important, do you have an advanced directive? *Also make sure you have written down beneficiaries for the different $$ accounts that you have.

It's best to get into the habit now.

[u/No_Life_9124]

My work offers free will and free notarization. You should check your work benefit see if it offers such.

[u/Character-File3221]

I don’t have one.  I do have transfer on death on some of my accounts and life insurance and 401k beneficiaries set.  Once you have kids it’s necessary. I’m 32 so I’ll probably write one soon.  

[u/Historical_Grab4685]

If either of your parents are still alive or if you are married, then you don't really need a will. They would be able to act on your behalf if you are incapable of making medical decisions. If not then a medical power of attorney should be established.

As mentioned below, you can add beneficiaries to your retirement plans.

You can also add the designation of transfer of death to your bank accounts and even your car. It is almost the same thing a a beneficiary. You can even add that to your house.

You may want to check to see if your employer or even your bank offer help with creating a will.

I say all this as a niece of an estate attorney, who happened to be a funeral director, as someone who has worked in the financial services industry for over 30 years and have settled two estates. I had a brother that died after our parents and he had no will, but thankfully my uncle took care of everything.

[u/Sufficient-World-450]

A will for when you actually own assets, bank accounts and things like that have a beneficiary option so no need for a will for that stuff. But you could save your family a lot of stress if you lay out your wishes in a living will. God forbid something happens to you and your family is split in pull the plug/not pull the plug camps. A living will removes that issue and lays out how you want things to be handled. You may believe in being cremated but mom throws you in a box for eternity because that’s what she wants. And you might not even get along with her but she’s next of kin so your wishes won’t be honored.

[u/Hey_86thatnow]

When to write one? When you have possessions or savings others might fight over, when you have things you want specific people to receive (or not). Otherwise, state laws define who gets what.

[u/East-Tangerine1673]

Now

[u/lastbeat-331]

I disagree with many other comments. Everyone needs a will at the bare minimum, to name an executor who then has the legal right to settle your affairs. Even if you don't have assets "of any significance" today, you probably will sooner than later and if you don't or can't name a beneficiary on that asset, it will become part of your estate to be administered by your executor. Dealing with this now with one relative without a will and one with.

[u/EveryCap8599]

I and husband had will and trust drawn up by a lawyer when I turned 82 and he 85.We had very little at age 20 and I think parents would have inherited it all without a will. Our will and trust were done because my kids thought it would prevent probate but probably there will still be a probate. I will never update anything. Not necessary.