No one gets to know exactly when there are going to die, which is why writing a Will is essential – but the most important thing is that it’s done before it’s too late.
This always leaves the activity of writing a Will hanging in the air. If there is no certainty about when your life would end, anytime should be a good time to write your Will.
However, this attitude also gives rise to the belief that it is always too early to write the Will. You always feel that you still have years to live and in the process, never end up writing your Will. This is the answer to an interesting question of whether or not there is a best time for writing a Will.
Technically, there isn’t. You can start writing your Will right now as you’re reading this, tomorrow while sipping your morning coffee or even years later when you’re playing with your grandkids.
There may be no specific time to sit down and write a Will, but you can always keep in mind the ideal scenarios or events when you should consider writing one. These are majorly the times when you sit and think about your family and loved ones, and is there a better time there is to write your own Will than this?
Here are some of the most ideal situations when you should consider writing your Will:
After Getting Married
When you get married, you add a member to your life that would always be by your side till you die. If you have already made a Will, this may be the time when you’d want to make will amendments by making provisions for your spouse.
It is always advisable to make a final Will after marriage, as a Will is cancelled automatically once you get married unless there is a reason stating otherwise. This would help you get a clearer picture of your family that you care for and would want to inherit your wealth after your demise.
After Getting Divorced
This is why lawyers make millions! The majority of the disputes after a divorced person’s death arise out of the question of whether their ex-partner would inherit their wealth or not.
In case you get divorced, it is advisable to remove the name of your spouse from your will. If you wish otherwise, it is important to state the same in your will after getting divorced and make a new one that would hold true after your death.
After Having Kids
Will writing is supposed to be one of the most mature decisions taken by an individual in their life, and having children forces you to mature. Going by this belief, writing your Will after having kids can be a wise decision.
The laws of intestacy (applied only when you die without a Will) make sure that your property is equally divided among your children. But you may have something else in mind have preferred. It is therefore preferred to have a new Will in place every time you have a child.
You should also know the fact that if your current child/children are under the age of majority, they would be taken care of by a legally appointed guardian. It is always advisable to name a guardian in the Will, as if you don’t, the legislation would appoint one for your children.
After Starting Your Business
After you start a business, you have a clear idea about your net worth and the value of the assets you own. This would make the distribution of your wealth easier. It is always advisable to make a Will after your business is at a point from where you can be certain about the minimum value of your assets at the event of your death.
This makes more sense if you own a family business. In such a case, your Will needs to be more detailed as the distribution of powers and authority would make a huge difference in the way your business would be handled after your death. You can also write your business plans and future plans in your Will to ensure your firm runs smoothly without you.
After Buying A Home or Any Other Property
Whenever you buy a new home or invest in a new property, it means that the value of your estate would change. If the value of the total properties you own changes, it should also be reflected in your Will. This is why it is important to draft a new Will whenever you make a significant investment in a property.
This also holds true if you’re moving to a new country. Along with complying to the new laws of the country you’re moving into, you should also make a new Will as there would be a significant change in the properties you own.