What is a Will?

Everyone has seen the movies. Some wealthy person dies and must hear what will be read to find out who gets the future. But have you ever wondered what a will is or how it works? They can be a bit more complicated than you might think.

A will is classified as a legal document that states how assets and/or offspring are managed after they pass away. These are mainly used to distribute things that the person possesses without having it be up to the courts of law. Two main things can be in a will. Asset distribution and Offspring management. 

Asset distribution is usually what people think of when it comes to wills. This is everything from real estate to cars to stock. What makes this so viable from a monetary perspective is the fact that when the asset is moved from beneficiate it is untaxed. By making this stipulation in a will, it can save thousands of dollars if not more. If the assets are left unaccounted for then the assets go to the spouse or parents. For many students who have investments of any kind completing a personal will can set them up to succeed the best when it comes to their future. Just recently, 18 anonymous students who started their own company commented, “probably in a couple of months.” They plan to create their will and plan for their future. 

The second side of a will usually consists of what happens to minors. In a will, testators can affect their offspring to people, usually family, in case of an incident where they pass. If testators do not have a plan for this, then the children go through the system to be placed with the closest kin. This is usually grandparents or aunts/uncles. This usually does not typically apply to high school students. 

The legal age that testators can have a will is 18. It is common practice to look at a will every two years or at major life events. To make a will legal it needs to be written, signed by the writer, and by two witnesses. This can be family, friends, or lawyers. Most students are able to get started right away and find possible people that they would want to be their witnesses. 

As high schoolers take the steps to become an adult, one of their eventual responsibilities is the maintenance of a will. Starting at the first possible age gives good practice to better be prepared in any situation. As the CDC Foundation states, “Many people assume that they are “too young” to need a will. Some people believe that they don’t own enough assets or have a big enough net worth to necessitate a will. You might even think it’s too late to start your first will. Everyone needs a will.”

A will is not just for you but for your loved ones around you. Start thinking about your future and what you want to leave for everyone else.