When Should You Start to Consider Writing a Will?

When Should You Start to Consider Writing a Will?

If you’re like most people, the last thing you want to think about is death. Even though you know it’s going to happen, you don’t want to imagine that it’s going to happen any time soon, so you will probably put off writing a will. However, you might want to reconsider when you write your will.

In most states, you have to be 18 years old to create a will. Of course, most people don’t put one together at this age because they don’t have a lot of assets. Thus, you may be wondering when is a good time to write a will? Below are some times you should think about drafting your final wishes.

You Join the Military

If you have decided that you want to take on military service, then this is a good time to write a will. It doesn’t matter if you are joining when you are 18 or older, whether you have assets or not, there are other important parts to this document, including health care directives and powers of attorney. Since the chances of getting killed in action are higher when you are part of the military, having your affairs in order is advised.

You Receive an Inheritance

An inheritance is an asset, especially if it’s held in a trust. If something were to happen to you and you don’t have a will to direct where this money should go, it can be a slow, complicated process for the money to transfer to your loved ones. Thus, if you receive money from a family member that passes away, it’s a good idea to put a will together with instructions of what should happen to that money if something happens to you.

You Get Married and/or Have Kids

On average, people in the U.S. get married when they are in their mid to late 20s. This may still seem like a young age to write a will, but if you are looking for a way to ensure your spouse is taken care of after your passing, you need to have one in place. The same is true for when you have kids.

If something happens to you and your spouse and your kids are under the age of 18, you’ll need to have instructions on who should take care of them. Should they be over 18 and not to need a caretaker, you’ll still want to ensure they get your remaining assets, and a will is put in place to let everyone know how those should be divided.

In some cases, should you decide not to get married and have kids but you have a pet, you might want to write a will so that people know what should happen to your fur baby in the event of your death. More people think of pets as members of the family, so if you’re looking for a way to ensure they are taken care of, you need to put it in writing.

You Want to Give Your Money to Friends or Charities

It’s common practice that when you die, your money goes to immediate family members. If you don’t have a will in place, your parents, siblings or spouse will be granted your assets. However, if you don’t want them to get any of your money or property, then you need to write a will so that your assets go where you want them to go. This might include giving your assets to friends or charities. Since it’s your property, you get to decide where it goes. A will is a legal and binding document that protects your wishes once you have died.

Writing a will is the best way to ensure that your assets go where you want them to after you die. Life can be unpredictable, and accidents can occur at any moment. When you are young, you may think that you are invincible, but it’s possible to go at any time. It’s never too early to write a will.

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