Imagine one day you suffer a debilitating stroke that leaves you unable to communicate. You are rushed to the hospital and placed on life support. Your family is left wondering what your final wishes are. If you had taken the time to draft a Will, they would know what to do and how to handle your affairs. For more information, you can learn more about Property solicitors Dublin
It’s a widespread misconception that you only need to worry about drafting a Will if you are elderly or sick. Truthfully, anyone can benefit from having a Will in place. A Will can help ensure that your wishes are carried out after you die and can make distributing your assets much simpler for your loved ones.
So, you should consider drafting a Will if you have any assets, such as a house or a car. It is especially crucial if you have minor children. There are a few key things to consider when deciding whether or not you should draft a Will.
Read on to explore when it’s the right time to draft your Will.
1. When you first start accumulating assets
If you own a property or any other assets, it’s crucial to have a Will in place. It’ll ensure that your assets and other properties are distributed according to your wishes after your demise.
You can make a Will after you turn 18, but it’s especially important to have one if you’re a young adult and just starting to accumulate assets.
In addition to your property, your Will can include provisions for other assets, such as pets, jewelry, and even personal belongings. You can also utilize your Will to designate a guardian for your minor children.
2. When you get married or have children
If you get married or have children, it’s important to update your Will to reflect your changed circumstances. It ensures that your spouse and children are provided for after your death. You can use your Will to designate a guardian for your children and beneficiaries for your assets.
Also, if you get divorced, you will need to update your Will to remove your former spouse as a beneficiary. If you die without updating your Will, your ex-spouse could still inherit your assets.
3. When you reach retirement age
As you near retirement, it’s important to review your Will to ensure that it reflects your current wishes. It’s especially critical if you have grandchildren. You might want to consider including them as beneficiaries of your estate.
4. When you have a change in circumstances
Your circumstances can change anytime and even without you knowing, so it’s important to draft a Will. When you experience a life-altering event, such as getting married, having children, or getting divorced, update your Will to reflect your changed circumstances.
Likewise, review your Will if there are any changes in your health. Suppose you are diagnosed with a terminal illness. In that case, update your Will to ensure that your assets are distributed as per your wishes.
5. When you want to make a charitable donation
You can do so through your Will if you want to make a charitable donation. You can specify which charity organizations you would like to give your donation to and the amount you would like to donate. Terminal illness ensures that your donation goes to the charity of your choice.
Making a charitable donation through your Will is a great way to support the causes you care about and is also a way to leave a lasting legacy.
6. When you have concerns about probate
Probate is a legal procedure of distributing a person’s assets after death. If you are concerned about probate, you can use your Will to specify how you would like your assets to be distributed. It can help to simplify the probate process for your loved ones.
Most importantly, you should review your Will regularly to ensure that it reflects your current wishes. When drafting your Will, there is no right time to do so. Instead, it’s important to consider your circumstances.
What if I don’t have a will?
Let’s say you die without drafting a Will. In such a scenario, your assets will be distributed according to your state’s laws of intestate succession. The assets and other properties will be distributed to your nearest relatives, such as your spouse or children.
In some cases, this can lead to unforeseen consequences. For example, if you have minor children, you may not want them to inherit your estate outright. Without a will, you have no say in who will raise your children or how your assets will be used to support them.
It’s important to note that if you die without a Will, your estate will still need to go through probate.
You should be 18 years of age to create a Will in most states
You also must be of sound mind and body, which means that you must understand the nature of your assets and how they will be distributed after your death.
If you meet these requirements, you can draft your own Will or work with an attorney to draft one for you.
Creating a Will is a simple process
First, you’ll need to gather information about your assets. It includes your bank accounts, investment accounts, real estate, and personal property. You’ll also need to know the names and contact information of the people you want to include in your Will, such as your spouse, children, or other relatives.
Once you have this information, you can draft your Will. You’ll have to mention your full name and address and the names of the people you want to include in your Will. You’ll also need to specify how your assets will be distributed after your demise.
There’s no single right time to draft your Will. Instead, you should consider your circumstances and review your Will regularly. Also, remember that you must be at least 18 years old to create a Will in most states.
Creating a Will is a simple process, but ensuring that all of your assets are accounted for is important. You’ll also need to know the names and contact information of the people you want to include in your Will. Lastly, you’ll need to specify how your assets will be distributed after your demise.