Many people put off the process of estate planning, believing there will always be time to do it later. The reality is no one ever knows when life may take a suddenly tragic turn. This makes it essential to have a last will and testament written as early as possible to ensure loved ones are properly provided for. If you’ve been wondering when it’s time to begin thinking about putting your estate plan together, there are a few particular situations that should warrant a consultation with your attorney.
Which Events Signal a Good Time to Draft Your Will?
1. You Get Married
When you get married, it’s likely you will want to make sure your spouse is set up to have a secure financial future in the event of your untimely death. Creating a will is necessary to ensure your assets are distributed among your beneficiaries as you wish. This can also help to avoid family disputes.
2. You Have Kids
Having children is one of the most important reasons to make sure you have a will drafted. This allows you to appoint guardians for your children and provide for managing their inheritance beyond age 18, if both you and the other parent pass away while they are still minors. Without a will, it’s up to the courts to decide who will care for your children and who will manage their money until their 18th birthday.
A new will may be needed if someone (spouse or child) who would inherit from you becomes disabled. A new will can create a special kind of trust which will preserve that disabled person’s right to continue receiving government benefits. Without this unique type of trust your disabled heir may lose government benefits.
You need to update your estate plan documents (not just your will) in the event of a divorce. A divorce decree will, in most instances, prevent your “ex” from inheriting from you. But, you still need to update provisions for guardianship of your children and managing their inheritance from you. You may also want to take precautionary steps if one of your adult children is experiencing a “rocky” marriage. You and your attorney should discuss protecting your child’s inheritance from division during divorce proceedings.
It’s not typically wise to wait until you’ve become ill or ended up in the hospital to write your will. This can put pressure on you to make rushed decisions without having the opportunity to carefully think them through. When the residents of Wisconsin Rapids, WI, need professional assistance with estate planning, they turn to Alan A. Panek Law Office, S.C. The law firm has helped numerous clients make sure their family members will be well taken care of upon their passing. Contact them at (715) 421-4900, or visit them online to see a full list of the legal services offered.