In the United States, any person over the age of 18 is entitled to create
a Will. Legal age varies by state, and some even allow minors to create
Wills at the ages of 14 or 16. Without a Will, state statutes would determine
where your money and property go at your death.
This is why having a will is incredibly important, regardless of one’s
age. Naturally though, the older a person gets, the more important having proper
Estate Planning documents becomes.
Typically, more attention is paid to the creation of a Will after marriage
and having children. In almost every jurisdiction assets would go to them
if you were to die without a Will.
Assets of unmarried and childless individuals generally would transfer
to their parents. Therefore, for single adults with no children and living
parents, the creation of a Will may not seem of paramount importance.
However, things become complicated if you would want assets to go to those
other than your spouse and children or parents after your death. In order
for this to occur, you must have a Will. For example, someone that is
single and engaged might want their fiancé to gain their assets.
Without a Will, that desire would not be fulfilled if the person has living
parents or children that would be in line to inherit the assets.