There are a few big life events that can happen to a person that can bring up the question “is it time I write my will?” This can sometimes happen after a medical diagnosis or when you have your first child. For everyone, deciding when to write your will is going to be different based on the individual’s experiences. Here are a few big life events where you should consider drafting up your will.
After The Wedding
Combining your family and assets is a perfect occasion to create a will. This will also have an affect on your beneficiaries. The same idea applies in situations of divorce as well.
Your First Child
This one is obvious. When drafting your will after having children, you are considering them first and foremost and what is important for you to leave behind. You will have more control of how to divide your assets and who you want to appoint as guardian. Once your child or children have reached legal age (or after your family has grown in numbers), it’s a good idea to revisit the will for any revisions you might want to make.
Medical Diagnosis
This can apply to you, a family member, or a friend. Witnessing tough medical diagnoses can have a big affect on how you see your future. Whether you personally are facing these experiences, or someone you know is facing a difficult time, this is a good time to consider creating your will.
Making Large Investments
Buying a house? Beach home? Rare collectibles? Whenever making a large investment, it’s a good idea to put some focus on the will, even if you are just adding assets.
It’s Just Time
No real excuse to write your will, but you’re still considering it? If you already have property and assets you want to protect, there’s no better time than now. Not much to your name? Maybe now isn’t the right time. Don’t overthink it. If you have any questions about Estate Planning, don’t hesitate to call us at 818-630-7280 for a free 30 minute consultation.