Dave Ramsey: Why do I need a will if I’m young?

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Dear Dave,

Why do I need a will if I’m still young and haven’t acquired a lot of wealth?

Laura

Dear Laura,

Let’s say you’re in your early- to mid-20’s and single. You have a car and a bank account and that’s it. In this kind of scenario, it’s going to be easy to work through your estate. But it’s going to take your parents - or whoever’s left - a whole lot longer to get those few simple transactions taken care of if you don’t have a will in place.

Having these things laid out ahead of time, and sharing them with your family and close friends, is a very thoughtful and mature thing to do for those who would be left behind in the event of your death. They’re already going to be distraught and grieving and you don’t want to make it worse by leaving them with a lot of important, difficult decisions to make.

Dave

Keep the house

Dear Dave,

My wife and I are on Baby Step 2 and the only debt we have is $90,000 in student loans. We bring home about $90,000 a year. In addition to this, we have almost $60,000 in equity in our home. We also have a toddler, plus another baby on the way. Do you think we should sell the house and rent for a few years, while using the money from the sale of the house to pay down our student loan debt?    

Chris

Dear Chris,

Keep your house.

Dave

Dave Ramsey is CEO of Ramsey Solutions. He has authored seven best-selling books, including "The Total Money Makeover." "The Dave Ramsey Show" is heard by more than 14 million listeners each week on 600 radio stations and multiple digital platforms. Follow Dave on the web at daveramsey.com and on Twitter at @DaveRamsey.