Is it time to Write a Will?
Most of us don’t like thinking about our own mortality, but taking the time to write a will makes sure your assets are distributed according to your wishes. It also makes things easier for your loved ones when your time comes. If we accept that it is important for everyone to have a will then the next thing we should figure out is when is the right time to write it. In most states, people can legally write a will once they turn 18. Anyone at this age can certainly do this, but most of us will want to start thinking about a will when certain events happen in our lives rather than when we reach a certain age. If you have experienced any of the following life events, it is time to draft a will if you don’t already have one.
You’ve acquired a significant amount of money or assets. There is no magic number here. If there is enough that you care how it is distributed after you’re gone, it’s significant.
- You’ve changed your marital status. This is a big life event whether it is marriage, divorce, or the loss of a spouse.
- You’ve had children (congratulations!) or your children have reached adulthood (double-congratulations!).
- You’ve started your own business.
- You’ve purchased a home.
- You’ve already got a will but it’s been a while since you wrote it. Things change in our lives and you may not want the same things you did when you first wrote your will.
Having a will is one of the most important things you can do for your family. There are many do-it-yourself options available, but a professional can help to make sure that your wishes are respected and your loved ones taken care of.