Is there a right time to prepare a Will?
There is no right or perfect time to prepare a last will and testament will, but there may be factors such as you have assets or property, or you have specific wishes that you want to ensure are addressed upon your death. While it’s difficult to pinpoint an exact age or circumstance when preparing a will becomes necessary, there are a few key milestones and situations that often prompt people to create or update their wills. These include:
- Becoming an adult: Once you reach the legal age of adulthood in your jurisdiction, typically 18 or 21, it’s a good time to consider creating a basic will, especially if you have any significant assets or specific instructions for their distribution.
- Marriage or partnership: Getting married, entering into a civil partnership, or starting a long-term committed relationship are common triggers for reviewing or creating a will. These events may significantly impact how you want your assets distributed or who you want to appoint as beneficiaries or guardians for your children.
- Acquiring assets: If you acquire assets such as real estate, investments, business interests, or valuable possessions, it’s important to update your will accordingly to reflect how you want those assets distributed after your death.
- Having children or dependents: If you have children or dependents, it becomes crucial to create a will to designate a guardian who will care for them in the event of your death. You can also specify how you want their financial needs to be met.
- Major life changes: Significant life changes, such as divorce, separation, or the death of a spouse/partner or family member, often necessitate a review of your will to ensure it aligns with your current circumstances and wishes.
- Health concerns: If you receive a concerning medical diagnosis or face declining health, it’s wise to create or update your will while you are still capable of making sound decisions. This helps ensure your wishes are documented and can prevent potential complications later.
It’s also important to review and update your will periodically to ensure it remains current and reflects any changes in your life situation or preferences.
Everyone has a different time when it is right for them to prepare a will. Doing so is a responsible financial and family decision, but we recognize it is also a difficult decision and thinking about preparing the document can be a stressful. Our goal is for the process to be as simple as possible while still achieving your goals and that taking care of this should be one less worry, and not one additional worry.
We recommend you consult with an attorney to help you create a plan that best meets your needs.