You might wrongly consider that only old people have to deal with the rather unpleasant task of preparing a will. As gloomy as the perspective of passing away is for every living soul, death is an inherent part of life. Often, it comes unexpectedly, leaving your loved ones with all pragmatic matters unattended. In fact, the occurrence of dying intestate (without having a will) is a common problem among people around the world. The famous writer Stieg Larsson, the author of The Girl with a Dragon Tattoo, for instance, has passed away with no will and all his estate went to his parents, not his partner.
So, all unpleasantness aside, the role of the will is essential in reflecting your real intentions towards your family and partners. Instead of leaving governmental laws to decide on your behalf, you are the one taking total control of your life and the future of your family.
With that in mind, here is a list of possible life scenarios when you should consider writing your will.
Having a Baby
Any parent wants to know their children will be properly taken care for after their passing. Although any law entitles children to inherit a portion of your estate, if there is no will in place, the lawful division might not necessarily be in accordance with your actual wishes.
Having a will when you expand your family is also very important in regards to tutelage. In the unfortunate event of both parents dying, a written will can clearly state who you choose to guard your offspring and the money he/she is not yet able to manage until they reach full age.
Your Child Becoming an Adult
With age, your young child develops into a young adult, and consequently, previous needs change. You are no longer preoccupied with naming a guardian, but most likely making him a direct beneficiary of the portion of the estate you want him or her to inherit. Therefore, you should redesign your will by taking out the previous guardianship clause and possibly acknowledging a new status for your adult child, such as naming him/her an executor in your will.
Getting Married or Divorced
Life is full of surprises. You might find yourself getting out of a long marriage only to remarry again soon. Or discovering how celibacy is a better option after becoming a divorcee. Such marital status changes are a good cause for writing or changing your will.
Think about it this way. If you have a new spouse, you would probably want her to inherit part of your assets instead of your ex-wife or ex-husband. Since wills made before marriage are no longer valid upon marriage – unless you have a special clause in that regard – it is highly important you make newly written arrangements every time you want to include or remove someone from your post-mortem plans.
Owning a Business
Let’s imagine that you are part of a successful family business and you have inherited your rights from your father, who had, in turn, inherited his share from his grandfather, and so on. Being part of a grand succession plan yourself, the likelihood of you wanting your offspring to take over the business when you retire or are not longer alive is a predictable outcome. In that regard, writing it all down in your will only makes the transition smoother and hard to argue with by any other interested party.
Furthermore, when you start your own business, it entitles you and your loved ones to several benefits, both during and after life.
In conclusion, if you’ve made a small fortune over the course of years or you own several assets that you think should not be left to lawmakers to manage in the unfortunate event of your death, it’s best to start writing your will as soon as possible.
If you get married, divorced or have a child, you need to make these changes count for and protect your loved ones. But, these are just a part of the reasons you should be thinking about writing a will.