If you intend to enlist in the army, navy, marines or any other branch of the armed services, you are undoubtedly excited about your future. After all, the military may give you a unique skill set you can use to find lucrative employment after your service comes to an end. Alternatively, you may choose to make a career out wearing a uniform.
As a young person, you may see little or no reason to write a will. This puts you in good company, as roughly 70% of Americans are in the same boat. Still, before enlisting in the military, writing a last will and testament may make sense for at least three reasons.
1. You retain some control
Many 18-, 19- and 20-year-olds believe they have too few assets to make writing a will worthwhile. Still, whether you have a savings account, a car, a home or anything else, you probably have more than you think. With a will, you retain some control over what happens to your assets after your death. If you die without one, New Jersey’s intestacy laws take over.
2. You provide for your loved ones
If you have a spouse, children, romantic partner or other loved ones in your life, you want to be sure they are ok after your death. By leaving assets to those who are most important to you, you ensure your loved ones do not have to battle your other relatives or the state for their fair share.
3. You create a framework for future wealth
It can be difficult to start the estate planning process. Nevertheless, by creating a basic will, you build a framework on which you can expand in future years. That is, you can update and add to your will when your estate grows or your wishes change.
Ultimately, while you probably have many tasks to accomplish before your enlistment, creating a will is likely to give you some peace of mind.