Thinking about death is hard for most people. Even if you accept its inevitability or believe that you will move on to somewhere better, it’s not something you want to contemplate for too long. But if you have assets that will go to someone else after your death or a family who will need to be provided for, it’s a necessary task. You can write a will without having to think too much about your mortality. The important thing is that you think about it practically so that you can provide for the people you choose to.
Many people don’t know when it’s time to think about a will. They often put it off until their twilight years or even don’t get round to it before their death. If you have a family or substantial assets, you should think about it as soon as possible. If you don’t make a will, the law will decide what happens to your estate, and it may not be what you want or what is best. Here are some things that should encourage you to start thinking about drawing up a will.
Starting a Family
Until you enter a committed relationship, get married or have children, you might not think much about who your assets will go to after your death. But once you have started a family of your own, you’ll need to think about it more. Including your spouse and children in your will is a good idea to help provide for them if anything happens to you. Equally, you might wish to remove an ex-spouse or even a child you have lost contact with. You can also use your will to express your wishes about who will look after your kids if neither of their parents is alive.
Setting Up a Business
If you are considering setting up a business or you already run one, thinking about your will is important. You will need to think about your business succession plan and what will happen to any shares you own upon your death. The laws surrounding taxes and other business issues will differ from state to state. So it’s essential to know what will happen to your company when you die. You can use your will to ensure everything will happen the way you want it to.
What Are Your Assets?
If you own a house, you should consider writing up your will. Any other significant changes in the value of your estate are essential to address too. For example, you might inherit a large sum from someone else, purchase an expensive car or own a rental property.
Facing Reality
Sometimes it’s the realities of life and death that force us to think about preparing for the future. If you’ve recently suffered an illness or injury, now might be the time to turn your attention to creating a will. It’s especially important if you’re facing a potentially fatal illness or might not have the capacity to make your will in the future. You might consider doing the same if one of your loved ones has had a brush with mortality too.
How to Get Started
If you’ve decided you need to get started on your will, it’s not difficult to do. You can do it yourself by looking for a template to help you get started. But if you want some help, you can find an attorney who specializes in helping people write their last will. They can give you assistance with laying out your wishes and creating the final document. It can be a very fast process if you already know what you want.
Time to Update
Don’t forget that once you have created your will, you should revisit it in the future. Many experts recommend that you revise your will every five years or so. But you should reconsider it any time there is a significant change in the value of your estate or the relationships you hold. A lot can change in a few years, and you might have entirely different wishes for who receives your assets or what happens to your children.
It’s essential that you don’t leave writing your will until it’s too late. You never know when something could happen to you, and you might not want your state’s laws of intestacy to decide who gets your assets.