There is a lot a teenager has to worry about before heading off to college. Will I like my random roomate? Will I get iced? However, Daisy Maxey, in her Wall Street Journal article Teens Need Wills, Too points out that many teens should think about drafting a last will an testament:
That’s the last thing, of course, any parent wants to think about. But some experts say a will should be drawn up as soon as a child turns 18, the age at which someone typically can enter into a legal contract.
Peter Bielagus, a former financial adviser who gives speeches to young people about managing their money, often tells his listeners to create a will simply because it starts them off on the right foot. Drafting a will gets young people thinking about what happens in the future—after they get married and have children—as well as about what they own and how much it’s worth, Mr. Bielagus says.
“It puts you in the mind-set of someone who’s going to have a successful financial life,” says Mr. Bielagus, who lives in Bedford, N.H.
There are more practical reasons, as well. Young adults often have money, possessions or families to protect. They may have a job that pays well. Or a grandparent may pass away, leaving them with a trust, says Carol Pepper, chief executive at Pepper International, a New York-based money-management company that works for wealthy investors. People leave all kinds of things to their children or grandchildren. If young adults want to direct where these possessions will go if they die, she says, “it’s important to have a will.”