Life has the potential to take an unexpected turn and change in an instant, which is why it’s a good idea to begin thinking about your estate planning goals as early into adulthood as possible. Preparing for the future will ensure your affairs are handled the way you want if you pass away or become incapacitated. While there is no set age for creating an estate plan, several life experiences signal the need for a will. Here are a few events that should prompt you to put your final wishes in writing.

When Is It Time to Draft a Will?

1. Getting Married 

If you pass away in Hawaii without an estate plan, your property automatically passes to your spouse according to state law. However, if you have children from a previous relationship or surviving parents, the court will split your assets among them in a pre-determined manner. Writing a will ensures each of your beneficiaries receives the assets you want them to have. 

2. Having a Child 

Establishing a will should be your top priority after the birth or adoption of your first child. It allows you to plan for their inheritance and make sure they receive as much of your estate as you desire. Even more importantly, it lets you appoint a guardian who will step in and raise your child if you are no longer able to do so. Without any documentation, it’s up to the court to choose a guardian.

3. Buying a Home 

Becoming a homeowner significantly increases the value of your estate. If you don’t have joint ownership of the property, you’ll want to designate someone to leave the house to if you pass away. It’s also essential to work with an estate planning attorney on strategies to prevent a large portion of your estate from going toward taxes rather than your beneficiaries.

4. Entering Retirement 

If you have yet to make an estate plan by the time you reach retirement age, don’t put it off any longer. Health problems often develop with age, and full mental capacity is required to create a valid will. Aside from leaving instructions for asset distribution, you’ll also want to address your wishes on funeral and burial arrangements. 

Regardless of which stage of life you’re in, the legal team at Ng & Niebling will provide sound advice and guidance through the estate planning process. For more than 40 years, the residents of Honolulu, HI, have relied on the attorneys at this firm to help protect their assets and loved ones with wills and trusts. Call (808) 732-7788 to set up a free initial consultation, or visit them online to learn more about their law background.