Why Estate Planning Matters—Even for the Young and Healthy
For many people under the age of 40, estate planning often feels like something reserved for older adults or the wealthy. After all, if you’re young, healthy, and don’t have significant financial assets, why would you need a will? The reality is that a will is one of the most important legal documents you can have—no matter your age or wealth.
Watch the Video: Why You Need a Will Under 40
Hear directly from Connie Powell, Esq., head of the Gertsburg Licata Estate Planning Practice Group, on why drafting a will is critical, even for younger adults?
Myth #1: I don’t have many assets so I don’t need a will.
One of the biggest misconceptions about wills is that they are only for people with large estates, numerous properties, or substantial wealth. In truth, a will covers far more than just bank accounts or investments.
A will allows you to:
- Name guardians for your children. If you have minor children, a will ensures that your chosen guardian—not the court—decides who raises them.
- Make provisions for pets. You can designate who will care for them and even set aside funds for their care.
- Direct how personal property is distributed. Sentimental items, vehicles, jewelry, or heirlooms go to the people you choose.
Without a will, your assets—no matter how modest—will be distributed according to Ohio’s intestate succession laws. That means state law, not you, decides who inherits your property.
Myth #2: Wills are for the elderly. I’m young and healthy.
Being under the age of 40 often comes with a sense of invincibility, but life is unpredictable. Sudden illness or accidents can happen to anyone, regardless of age or health status.
According to the Centers for Disease Control and Prevention (CDC), unintentional injury is the leading cause of death for adults under 44. When a young person dies unexpectedly without a will, their loved ones face grief and a complicated legal process.
For example, in In re Estate of Centorbi, 129 Ohio St.3d 78 (2011), disputes over property ownership and beneficiaries led to prolonged litigation because no estate planning documents were in place.
Creating a will is an act of responsibility and compassion—it spares your family from unnecessary stress during an already difficult time.
Myth #3: It’s too expensive to create a will.
Another misconception is that will preparation is complicated and costly. For most people, drafting a basic will is straightforward and affordable—especially compared to probate.
When someone dies without a will, their estate must go through probate, which can take months or even years and often costs far more than creating a will upfront. In Ohio, probate fees and related costs can easily exceed 10 times the cost of preparing a will.
For Business Owners the Stakes Are Even Higher
If you own a business, the lack of a will can freeze ownership interests during probate and delay critical decisions. Employees, customers, and partners could be left in limbo. A will, combined with a business succession plan, ensures continuity and reduces disruption to operations.
How to Get Started: A Simple Checklist
- List your assets – Include financial accounts, property, personal items, and digital assets.
- Name guardians for children and pets – Choose trusted individuals to care for them.
- Select an executor – Someone reliable to carry out your wishes.
- Consider your business interests – If you own a company, address succession planning.
- Meet with an estate planning attorney – To draft a legally valid Ohio will tailored to your needs.
Additional Benefits of Having a Will Before 40
- Appoint an executor: You can designate someone you trust to manage your estate.
- Plan for digital assets: Social media accounts, cryptocurrency, and digital files can be addressed in your will.
- Charitable giving: If you support charitable causes, you can leave donations directly in your will.
- Business continuity: If you own a business, your will can specify who will inherit or manage your company, preventing operational disruption.
Whether you are 25 or 39, single or married, have children or not, creating a will is an essential step in protecting yourself, your loved ones, and your assets—no matter how modest they may be. A will is affordable, accessible, and one of the most important ways to reduce stress for those you care about most.
Are you ready to take the responsible step to protect your family and future today? Contact a Gertsburg Licata Estate Planning attorney today at (216) 573-6000 or [email protected].
Sources Cited
About the Author
Connie Powell, Esq. is a partner and attorney at Gertsburg Licata in Cleveland, Ohio. She focuses her practice on estate planning, probate law, and business succession planning. Connie is passionate about helping individuals and business owners protect their assets and prepare for the unexpected through personalized estate planning solutions.
Disclaimer: The information provided in this article is intended for general informational purposes only and should not be construed as legal advice. It does not establish an attorney-client relationship, and any reliance on the information contained herein is done at your own risk. For specific legal guidance tailored to your business and jurisdiction, it is recommended to consult with a qualified attorney who can provide professional advice based on your unique circumstances.
