Regardless of the type of will you decide to go with, a thorough estate plan can protect your assets in ways other documents cannot. In your will, you may state your preferences for property and your wishes for any minor children you have.
The best time in which to draft a will may vary. But, in truth, you may find that a good time to get started is when you reach adulthood and you have started a family and/or amassed assets and property that hold substantial value to you. Additionally, the below circumstances may also give way to opportunities for the creation of an estate plan.
When facing major changes
A significant change in your life may mean you should start your will or update the one you have already drafted. In a new marriage, for example, you may come to realize that you have specific desires for distributing your assets, rather than letting them simply go to your spouse. Perhaps you have a vehicle you want a child to inherit or you would like to pass to a close friend.
A terminal illness may also be a catalyst for drafting a will. While there are certainly more opportune times than others, it is never too late to start planning. Note also that a health care directive, or a living will, may provide your estate plan with directions for your funeral arrangements and religious rites.
Reaching life milestones
Are you now holding much higher assets than you held when you were younger? Your retirement fund, for instance, may hold much more in financial weight than it used to. You may address how your retirement fund is distributed in your will.
It is never a good idea to draft a will on your own. Reach out to an experienced attorney to learn more about your estate planning options.