When is the right time to create a will?
The idea of writing a will can be overwhelming for almost anyone: it’s thinking about what is going to happen to your money, belongings, and assets after you have passed away. Having a will, though, is important because it outlines exactly how your family will be cared for and it specifies the one person (or a handful of people) you want to ensure that your wishes are carried out as you want them to be.
So, when should your will be written or updated? Here are a few times in your life when you should be considering updating your will.
Or maybe getting divorced, or even remarried. This is a big life event where you will (likely) experience significant changes to your finances and the people you would want to make big decisions for you in the event you are unable to.
It is important to remember that wills created before marriage are automatically null and void when that marriage ends unless you have otherwise specified in the will itself.
Part of being a parent is making sure your child(ren) is(are) always provided for and taken care of. Part of this might mean that you need to plan to care for them even when you’re no longer around.
While there are laws in place that ensure your child(ren) will receive a portion of your estate if you die without a will, it may not be the amount you want your child(ren) to receive. So if you have specific wishes for how this should be handled, then it’s important to make sure you have clear directions.
You should also consider updating the will as your child(ren) grow up because once they are a legal adult, their needs will change. Revising your will every 5 years or so will help make sure it reflects exactly what your wishes are.
Buying a home
When you buy a home, you will significantly add to your estate, and this changes the value of your total estate. This change in the value of your estate will change how much your beneficiaries are given, or if you want one of your children to specifically inherit a house or cottage then you can designate that in a will as well.
It’s been more than 5 years
Even if nothing big has changed in your life recently, reviewing your will and final wishes every 5 years (or less) is a great idea. Things can change over time, and you may have had significant growth to the value of your estate – or you’ve sold off some assets that you acquired earlier in your life – so why not make sure your will reflects that?
Writing a will, or updating it, can be emotionally difficult for many people and big life events are often surrounded by a lot of excited so updating your will is likely not the first thing on your mind. That being said however, having a will in place is one of the kindest things you can do for your family as it will help to alleviate some of the stress in knowing what to do in the event of your passing.
Contact Levy Zavet today
Do you need to put a will in place to protect your family? Or has it been some time since you last updated it? If so, we can help. Contact Levy Zavet today and let us help you ensure that you have a current will in place.