Estate Planning for Single and Young Adults: Why You Need a Will
Contrary to popular belief, young and single adults still need Wills. Many misunderstandings are associated with Wills, including the notion that they are only for old married couples or a part of retirement planning. In reality, older married couples and those in the process of retiring certainly need Wills, but young and/or single adults are also encouraged to have a Will, regardless of their relationship status or age (above 18).
Why Single and Young Adults Need Wills
You may not realize it but you likely have property that would require court approval to transfer
Young adults have assets such as property, cars, bank accounts, and digital belongings, all of which likely require court authority to transfer. For example, a vehicle cannot be transferred without the court authority to do so - and applying for a grant of probate (the process of court approval when there is a Will) can often be much simpler and quicker than a grant of administration (the process of court approval without a Will).
Additionally, a significant percentage of young adults rent their place of living. Without a Will, there is no guarantee that loved ones will have access to the left belongings in the rental property without first obtaining a grant of administration from the court. This process takes time and could amount to $550 before lawyer's fees.
Wills help us avoid confusion and conflict
Without a Will, there is often confusion about a person's intentions, which can lead to conflict and drag out the administration of the estate. Having a Will helps avoid such confusion, especially if you are a single parent. Not making a Will for your loved ones to follow can cause more confusion and worry during an already extremely stressful time, as your estate would be at the discretion of the Wills and Succession Act (Alberta). Both who receives an inheritance and who is in charge of managing your estate are determined by the law. Even if the selected person(s) would be in line with your wishes, there will be delays, as they will have no authority until a court gives them formal approval. (A Will gives a certain level of authority to manage assets and take certain steps from the document itself, but court approval is still needed prior to the distribution of assets).
In Summary
If you are over the age of 18, have a child, and/or own any property in your personal name (not just real estate but also any vehicle, intellectual property, digital assets that would require transfer, or any accounts over $10,000 or so), you should absolutely have a Will. By having a Will, you can ensure that your wishes are known and provide clarity to your loved ones regarding your estate. It's better to have a detailed estate plan in place even if it seems unnecessary at the moment, as Wills often prove to be most useful when unexpected situations arise. Moreover, having a Will in place now allows for easy alterations and updates in the future.
Estate planning is crucial for single and young adults. By having a Will, you can protect your assets, avoid confusion and conflict, and ensure that your known wishes regarding your estate are respected.
This post provides general legal information and is not personalized advice. For your specific circumstances, it is important to seek personalized legal advice. While we strive to provide accurate information, please note that we will not update this post going forward.
Thanks very much to Katelyne Steele for her assistance in preparing this post! We are so grateful to have her. Here is some more info about Katelyne:
Hi, my name is Katelyne, and I am a policy studies intern at Modern Wills for the 2023 summer! I enjoy the opportunity to research and inform on estate legislation, rules, guidelines, etc., for our clients to read and better understand estate planning
