Making a will is one of the most important decisions you can make in your lifetime. It ensures that your assets are distributed according to your wishes and that your loved ones are taken care of after you pass away. However, many people delay making a will until it’s too late. In this blog post, we’ll provide you with a comprehensive guide on when you should make a will and what factors to consider.
1. When You Have Dependents
If you have dependents such as children or elderly parents, it’s important to make a will as soon as possible. This will ensure that they are taken care of financially and that their needs are met after you pass away. In your will, you can appoint a guardian for your children and specify how your assets will be distributed to them.
2. When You Acquire Assets
If you acquire assets such as property, investments, or a business, it’s important to make a will to ensure that these assets are distributed according to your wishes. Without a will, your assets may be distributed according to state law, which may not align with what you want.
3. When You Get Married or Divorced
Getting married or divorced can have a significant impact on your estate planning. If you get married, you may want to update your will to include your spouse and specify how your assets will be distributed to them. If you get divorced, you may want to update your will to remove your ex-spouse and specify how your assets will be distributed to your children or other beneficiaries.
4. When You Have Health Issues
If you have health issues that may impact your life expectancy, it’s important to make a will as soon as possible. This will ensure that your assets are distributed according to your wishes and that your healthcare needs are taken care of.
At Pearson Bollman Law, we can help you create a will that aligns with your wishes and ensures that your loved ones are taken care of after you pass away. Contact us today to schedule a consultation.