Considering when to write a will is something that most people prefer not to think about. However, estate planning is essential to ensure that, should anything happen to you, you can cover your loved ones.
A total of 60% of all Americans have no will in place whatsoever, which means that should something happen, a legal quagmire may await their family.
Of course, having a will in place may not be an urgent or pressing matter, but remember that accidents do happen. There are factors which can tell you if it’s the right time to write a will, so read on to find out if they apply to you.
Can You Write a Will Now?
If you’re asking yourself “should I write a will?”, the first thing to consider is whether you actually can.
In the vast majority of states, the moment you turn 18 is the moment you are legally entitled to write up a will.
If you’re a legal adult and would like to get this part of your life out of the way, now may be the best time to get in touch with an estate planning lawyer and safeguard your future.
What Are Your Assets?
Of course, it’s worth noting that before you should even consider where to write a will, you need to assess if there’s any point. Your first thought should be about your assets.
Do you have any significant cash savings? Do you own any property, bonds, or stocks? Do you have any significant assets that you want to ensure are correctly passed on in the event of your death?
Even if you can only count a car as your major valuable asset, you may want to consider covering it in your will.
What Are Your Responsibilities?
Estate planning is about more than just wealth management. If you don’t have any significant holdings, when should you make a will? This is when your responsibilities come in.
If you say, have any children or pets, it is your responsibility to dictate how you will care for them after you’re gone. In many ways, your children are your most important assets, so ensuring they are safeguarded in the future should be a priority.
Custody, schooling, and the way in wish you want them to be raised can all be covered in your will.
Are You Married?
When considering how do you write a will, your personal relationships are key. If you get married and don’t have any will in place, you’ll need to change that as soon as possible.
Your spouse will not automatically get your assets or responsibilities.
It is up to you to specify that in legal writing. This matter is even more urgent for divorced couples, as it must be decided whether an ex-partner is entitled to any of your estate, or if you would prefer not to give them anything at all.
Learn More
If one or more of these factors apply to you, it’s time to write a will. Of course, this is not the only affair you may need to take care of right now. To learn more about your legal responsibilities, make sure to consult our legal section for all of the advice you’ll need.
