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Myth #2 : I am not old yet, therefore I don't need a will!

Nothing could be further from the truth. Most parents don't even think about it and to be honest, who would think a teen at the age of 18 would need a will. But some experts say that a will should be drawn up as soon as a childs turns 18, the age at which some can enter into a legal binding 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, NJ.

There are other practical reasons as well, young adults have money, possessions, digital assets and families to protect. They may have a job that pays really well, or a grandparent may have died, leaving them a trust. People leave all kinds of things to their children and grandchildren. So, if the young adult wants a say in where his or her assets go when they die, it's important to have a will.

IOf course, anyone entering in the military is encouraged to have a will drawn up for obvious reasons. Even young adults without a lot of money should consider a will, they may have a dog or a music collection that they may want handle a certain way. The question you have to ask, "If something happens to you, what happens to the pet?" Because unless you direct someone to take care of your animal, it's a possibility an animal could end up in an animal shelter and even euthanized. No one wants that to happen to their beloved family member.

It's important that a will created for a young adult to be updated periodically, to reflect new assets, and additions to the family. It's recommended that estate planning documents be reviewed at a minimum every 3 years, or after a life changing events occur.

Regardless of a young person's own family situation, a will may also be drawn up to keep an extended family's estate planning intact. Tina Albright, a New York-based private-client lawyer with Kozusko Harris Vetter Wareh LLP who works with ultra-high-net-worth families, recently created a will for two brothers—one 19 years old and in college, the other in his mid-20s and working. The will was written so that money the brothers had received from their parents wouldn't revert back to the parents' estate if something were to happen to the brothers.
 
If that were to happen, Ms. Albright says, "you've just defeated the estate planning the parents have done."

Broaching the subject will not be as difficult as you may think, most young adults are happy to do anything that solidfies their entry into adulthood. Another way to do it, is to bury the will in with the other financial tasks that you have to do together.