It can be uncomfortable to think about planning ahead for your own death. The fact remains, however, that this is something that everyone needs to prepare for in order to guarantee that the hard work we have done over the course of our life is not done in vain.
Without a will, assets acquired over years of labour can be divvied up according to the courts, rather than according to your own wishes.
But when is the right time to begin planning for this? Are there any signs that should stick out to us as an indication that it is the right time to write a will?
If you get married or have kids
Significant changes in your life should be a sign that it is time to prepare a will. As you now have people who depend on you to help provide for them, you are responsible for guaranteeing that they will not be shortchanged if the unthinkable should occur to you. Many, many families have faced devastating legal issues because there was not a legal will in place for protection.
If you start a business
You’ve invested a lot of time and energy into getting a business of the ground. Your will can stipulate how the business should be managed if you pass on, so that all the effort spent can continue to provide benefits and value to your loved ones. Your will may also provide your estate with a significant tax break, as opposed to you passing without a legal will.
If you buy a home or have a significant change in your assets
Large purchases or significant changes in your financial situation (like winning the lottery, for example) should tip you off that it is time to prepare a will. Simply put, when more is at stake it becomes even more important to have clear guidelines for how items and assets should be divided. This can help avoid damage done to families because of legal disputes over how an estate should be divided.
If you have a health issue or a near-death experience
Sometimes what it takes to convince you that you need a will is a shocking life event. A serious health issue, or a close brush with the ‘Grim Reaper’ so to speak, may be the impetus behind you deciding that it is time for a will. Nobody can predict the future, but being reminded of your own mortality is one way to take the necessary steps to contact your lawyer and get your plans figured out.
If you want to make sure your interests are protected
The fact is that you don’t need to wait for a dramatic life event in order to plan for the future. Life is unpredictable – whether you are just entering the workforce or if you are beginning to think about retirement, a will is the most surefire way to ensure that your wishes are carried out after you pass on.
Contact Epstein & Associates today if you would like to begin the process of writing a will, or if you are looking for more information on why a will is a valuable and important legal document.