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What’s the best time to create a will?

On Behalf of | Mar 30, 2020 | Estate Planning

When it comes to the concept of a will, many people don’t think it’s something they need to worry about until they’re older. However, this is not always the case.

A will is an important document that you can create at any time in your life after the age of eighteen. Wills provide you with protection for the future and can supply financial reassurance for your loved ones after you pass.

It’s never too early to consider making a will, but here are a few specific situations where it’s best:

  • You got married or divorced. Many people leave behind valuable assets to their spouses. Add your new spouse to your will or remove an old spouse after a divorce.
  • You recently had a child. You can help protect your children in the future by ensuring they receive assets after your death. It’s ideal to create a will after the birth of your first child as well as updating your will when you have future children too.
  • You bought a home. Substantial assets are necessary to include in a will to ensure that it’s passed onto the right person after your death. After you’ve settled in your home, you should consider creating a will to help protect your new property.
  • You started a business. Similarly to the above, a business is a valuable asset that you should include in a will. You can set up a succession plan for how the company will continue after your death – whether that means it will pass onto an heir, put up for sale, or dissolved entirely.
  • You had a near-death experience. Whether an accident or an illness, when you have a close call with death, you may realize how you don’t have your affairs in order. Once you’ve recovered from your injury, you may want to create a will and make sure you’re ready for the future.

Significant changes in your life are a great reason to start will planning. Wills provide you with the protection you need after you pass. They grant your wishes and ensure your law receives the assets you always wanted them to have. Give yourself peace of mind by taking the initiative to create your will sooner rather than later.