By YOUNG MONEY Staff
18 June 2010

The old joke goes that young people may feel as though they are invincible, lead them to take chances that adults wouldn't dare attempt.

And because of that feeling, younger people may also not be thinking about dying, which might lead them to not consider setting up a will. However, the Wall Street Journal noted recently that anyone who turns 18 should probably consider doing so.

Peter Bielagus, a personal finance expert, told the paper that he often advises younger people to construct a will, mainly because it can help establish what they want for their future.

"It puts you in the mind-set of someone who's going to have a successful financial life," Bielagus told the Journal.

Of course, there are more common reasons for setting up a will, including determining where a person's possessions and funds go if they should happen to die.

Other experts have said that anyone who sets up a will should make sure they let their family know that it exists. They should also keep it in a safe place and update it regularly.