When is it a good time to create a Will? This is a difficult question to answer, as there is no definitive answer. Ultimately, the best time to create a Will is when you have significant assets or property that you want to ensure goes to specific individuals upon your death. However, even if you don't have many possessions, it's still important to have a Will in place so that your final wishes are carried out.
Video: 25 Life Events That Should Make You Create A Will
There are a few key life events that usually prompt people to create or update their Wills. These include, getting married, having children, buying a home, or experiencing a major financial windfall. If any of these things happen to you, it's definitely time to revisit your will and make sure that everything is in order.
Of course, you don't need to wait for a life event to happen in order to create or update your Will. You can do it at any time that is convenient for you. However, it's always a good idea to review your Will periodically, just to make sure that everything is still accurate and up-to-date.
If you're not sure whether or not you need a Will, or if you have any questions about the process, it's always best to consult with an experienced estate planning attorney. They can help you understand the ins and outs of Wills and Trusts, and make sure that your final wishes are carried out according to your specific desires.
25 Life Events That Should Make You Create A Will
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Getting married: If you're married, your spouse will automatically inherit a portion of your estate when you die. However, if you don't have a Will in place, they may not get everything you want them to have. Creating a Will ensures that your spouse gets exactly what you want them to have.
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Having children: If you have children, it's important to create a Will so that you can specify who will care for them if something happens to you. Without a Will, the court will decide who gets custody of your children, and that may not be the person you would choose.
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Buying a home: If you own a home, it's important to include it in your Will so that there is no confusion about who should inherit it when you die.
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Experiencing a major financial windfall: If you come into a large sum of money, it's important to update your Will so that you can specify how you want that money to be used after you're gone.
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Getting divorced: If you're divorced, your ex-spouse will no longer automatically inherit a portion of your estate. You'll need to update your Will to reflect your new wishes.
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Losing a loved one: If you lose a spouse or child, it can be a difficult time emotionally. It's also a good time to review your Will and make sure that your assets are distributed the way you want them to be.
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Becoming a caretaker for someone: If you become a caretaker for someone, it's important to have a Will in place. This way, you can make sure that they are taken care of financially if something happens to you.
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Entering into a business partnership: If you own a business, it's important to include it in your Will so that there is no confusion about what should happen to it when you die.
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Retiring: Once you retire, you'll likely have more time on your hands to focus on your estate planning. This is a good time to update your Will and make sure everything is in order.
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Traveling outside of the country: If you're going to be traveling outside of the country, it's a good idea to have a Will in place. This way, if something happens to you while you're away, your assets will still be distributed the way you want them to be.
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Having significant medical procedures done: If you're going to be having surgery or another major medical procedure, it's a good idea to have a Will in place.
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Getting married again: If you're getting married again, it's a good idea to have a Will in place. This way, if something happens to you after you're remarried, your new spouse will still inherit everything you want them to.
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Adopting a child: If you're adopting children, it's a good idea to have a Will in place. This way, if something happens to you after your new children are adopted, they will still inherit everything you want them to.
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Having grandchildren: If you have grandchildren, you may want to include them in your Will so that they can inherit some of your assets when you die.
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Moving to a new state: If you move to a new state, it's important to update your Will so that it complies with the laws of your new state. Otherwise, there could be problems with its validity.
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When you have a new stepchild: If you have a new stepchild, it's important to have a Will in place. This way, if something happens to you, your child will inherit everything you want them to.
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Losing a job: If you lose your job, it's a good idea to have a Will in place. This way, you can make sure that your assets are distributed the way you want them to be.
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Developing health problems: If you develop health problems, it's a good time to create or update your Will. This way, you can make sure that your assets are distributed the way you want them to be, in case you become incapacitated or die.
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Inheriting property: It's a good idea to have a Will in place if you inherit property. This way, you can make sure that the property is distributed the way you want it to be
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Getting divorced again: If you get divorced again, it's important to have a Will in place so that your assets can be distributed the way you want them to be.
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Becoming a widow: If you become a widow, it's important to have a Will in place so that your assets can be distributed the way you want them to be.
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Having to take care of an aging parent: If you have to take care of an aging parent, it's a good idea to have a Will in place so that you can make sure they are taken care of financially if something happens to you.
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When your children turn 18: If you have children who are under the age of 18, it's important to have a Will in place. This way, if something happens to you, they will be taken care of financially.
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If you have special needs children: If you have children with special needs, it's important to have a Will in place. This way, you can make sure that they are taken care of financially if something happens to you.
- If you have pet(s): It's a good idea to have a Will in place if you have pets. This way, if something happens to you, your pets will be taken care of financially.
Final thoughts
Creating a Will is one of the most important things you can do for yourself and your loved ones. It ensures that your final wishes are carried out and that your loved ones are taken care of after you're gone. If you don't have a Will in place, now is the time to create one. It's never too early to start thinking about your estate planning needs.
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