Perspectives
Case Study: Why Having a Will Early Matters-Even if You Think You Don’t Have “Enough”
Background
Assets:
- Checking and savings accounts (~$5,000)
- A car (fully owned)
- Personal belongings, including a laptop, furniture, and jewelry
- A modest life insurance policy through work
Emily always assumed esate planning was something she could address later in life-after marriage, buying a home, or building significant wealth. Like many young professionals, she believed she simply didn’t have “enough” to justify creating a will.
The Turning Point
After attending a friend’s funeral where no estate plan was in place, Emily witnessed firsthand the confusion and family conflict that followed:
- Family members didn’t agree on who should receive personal belongings
- The bank account was frozen, delaying access to funds for funeral expenses
- Friends were unsure of what Emily’s friend would have wanted for the distribution of items with sentimental value.
Emily realized that without a will, even a modest estate can cause major complications for love ones.
What Emily Did
Emily worked with an attorney to put the following in place:
- Last Will and Testament: To ensure her assets would go to her younger sister and close friends.
- Healthcare Directive: Appointing her mother to make medical decisions if she was ever incapacitated.
- Power of Attorney: Naming her father to handle financial affairs in an emergency.
The Unexpected
Just two years later, Emily was involved in a serious car accident. While she eventually recovered, she was temporarily unconscious and unable to make medical or financial decisions. Because she had completed her estate plan:
- Her mother could immediately step in to make medical choices
- Her father was able to access her accounts to pay her rent and other bills
- Her wishes regarding her personal property were clearly documented, giving peace of mind to her family
The Takeaway
Emily didn’t have significant wealth-but she had enough to matter.
Without her estate plan:
- Her family would have had to go through the courts to gain decision-making authority
- Her accounts could have been locked
- Her loved ones may have faced conflict and uncertainty about her wishes
Estate planning isn’t just for the wealthy or the elderly-it’s for anyone who wants to protect their voice, their assets, and their family.
Even a simple will and basic documents like a Power of Attorney and Healthcare Directive can make a world of difference in an emergency.
Final Thought
The best time to create a will is before you think you need it.
Planning ahead gives you control and protects the people you care about from legal headaches during already difficult times.