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When should you think about writing a will?

On Behalf of | May 15, 2024 | Wills |

A will is a document that ensures your wishes are followed after you pass away. Writing a will is not just for the elderly or the wealthy; it is important for anyone who wants control over their assets and wants to provide for their loved ones.

There are several key times when you should consider writing or updating your will.

After getting married

Marriage often changes financial and personal priorities. When you get married, update your will to include your spouse. This ensures that your partner receives your assets according to your wishes. Without a will, state laws determine the distribution of your estate, which may not match your preferences.

Having children

The birth or adoption of a child is another important time to write or update your will. A will allows you to name a guardian for your minor children if something happens to both parents. This provides peace of mind knowing that someone you trust will care for your children. Additionally, you can set up trusts to manage your children’s inheritance until they reach adulthood.

Accumulating significant assets

As you acquire property, investments and other valuable assets, it becomes more important to have a will. This document specifies how to distribute your assets, preventing potential disputes among family members. It also ensures that someone handles your estate efficiently and according to your wishes.

Experiencing major life changes

Events such as divorce, the death of a loved one or a significant change in financial status also require writing or updating your will. These events can have a major impact on your estate planning needs. Keeping your will current ensures it accurately reflects your wishes and circumstances.

Reaching middle age or having health concerns

While writing a will at any age is wise, middle age is a particularly good time to ensure your estate plans are in order. Health concerns, whether sudden or chronic, can arise at any time. Having a will provides assurance that your affairs are in order and your loved ones are protected, regardless of what the future holds.

Writing a will is a task that you should address at various stages of life. A will ensures that people will respect your wishes and take care of your loved ones as you specify. Do not wait for a specific age or event; consider writing a will now to secure peace of mind for the future.

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