How do you know when it’s time to prepare your first will? What about updating your existing will? We often put off thinking about our last will and testament, but there are certain life events that remind us of the need to put our final wishes into a legal and binding document.
Drafting a will that takes into account your current life circumstances is the only way to ensure your estate and dependents—as they exist now—are taken care of according to your wishes.
- You’ve Gotten Married
It may seem obvious, but in the organized chaos that is planning a wedding, many newlyweds forget to prepare a will that reflects their new marital status. This is especially true if this is not your first marriage. If your will still names your previous spouse then anything you gave to him or her may fall into intestacy and be out of your control.
- You’ve Brought a Bundle of Joy into the World
The birth of a child is another key event that reminds us of the importance of having a will drafted. Not only does this determine the division of your assets among your children, but it even more importantly determines the guardianship of minors. Carefully deciding upon and legally naming the guardians of your children is an important decision that should be overseen by a wills, estates, and trusts lawyer, leaving nothing to chance.
- You’ve Started a New Business
Finally taken the plunge and started up that start up? There’s a will for that.
There are many risks and also many opportunities for great reward when starting up a small business. With partners, assets, loans, and much more to take into account, estate planning for small business owners is far from uncomplicated. Your survivors shouldn’t have to deal with these myriad business concerns upon your death, and drafting a will following the start of any new venture is the best way to ensure that.