Younger Utahns encouraged to prepare wills
Oct 19, 2023, 2:04 PM
SALT LAKE CITY — Just because you’re in your 20s doesn’t mean you shouldn’t have a will — a legal document that spells out your wishes in case you’re not around to express them.
KSL’s Tamara Vaifanua talked to a local attorney about why you should consider planning for the future now.
Some may think wills or estate planning applies to old, married people who have kids or property. But think again. No matter your age or financial situation – you need a plan.
“On a very basic level, that might be financial, medical powers of attorney, and beyond that it might be a will, or a basic trust plan,” said Glen Wagstaff, an attorney for Inter Vivos based in Orem.
He helps people with wills and estate planning.
People under the age of 30 may think it’s a waste of time, but there are three reasons they should consider it.
If you have a minor child and haven’t designated a guardian in a will, the state will appoint one. A will can spell out who will make decisions on your behalf and any final wishes.
Dying without a will requires state authorities to assume control of your assets. Your estate will go into probate.
“Probate can take a long time. It can be expensive. If it’s a public process it causes a lot of stress on the family,” Wagstaff said.
With a valid will, the executor must follow the instructions you’ve laid out. If family members disagree, they can fight it in court.
If you’re thinking about writing your will or creating an estate plan, Wagstaff recommends you speak with a financial adviser to avoid any mistakes.