Realistically, there’s no “right age” at which you should get a will.
Whether or not you should draft a will depends on a variety of factors, and the timing will inevitably be different for everyone.
With that said, however, it’s important to recognize when that time is – having a will is of the utmost importance if you want to have any say in the handlings of your estate should anything happen to you.
So When Is It Time?
Rather than waiting until you reach a certain age to consider organizing your estate, it makes more sense for you to focus on your current situation in relation to a variety of life events or milestones you may be experiencing.
There are a number of particular events you may go through that will increase the importance of your estate planning. Some of those events are:
- Getting Married
Getting married, or divorced for that matter, reflects significant changes in your personal relationships. These changes will more than likely imply a change to your named beneficiaries.
- Having Kids
Being a parent is awesome. It goes without saying then, more than likely you will want your children named as beneficiaries of your estate. If they are not named in your Will, or you do not have a Will, you run the risk of them not being provided for appropriately upon your passing.
Not only are Wills important for leaving part of your estate to your children, but if they are young, Wills also allow you to dictate who will have guardianship over your children if both you and their other parent die.
- Starting A Business
Your Will can play a very important role in your business succession plan. Shall you wish your business to be passed down to your children, taken over by your spouse or siblings, or handled in a totally different way – it needs to be outlined in your Will.
- Purchasing Assets
Once you begin purchasing assets, such as vehicles, a house, or investments, or even if you have other personal property worth a significant amount of money or even sentimental value, it’s important to have a Will so you can clearly state who these assets are to go to in the event of your passing.
Why Is It So Important To Have A Will?
Without a will, you will have essentially no control over the handling of your estate after you pass away.
Of course, there are situations where this bares little impact – such as if you have no real assets, debts, or significant belongings that you wish to go to particular individuals.
However, should you have certain desires for your estate, and you have physical or financial property to your name, you shouldn’t risk not having a will.
Without A Will
If you don’t have a will, your estate will be handled under regulations outlined by the Wills and Succession Act.
First, the chance will be given for eligible individuals to apply to handle the estate. If no one applies or no eligible person can be found, the Office of the Public Trustee will step into the role.
There is then a very specific and detailed process for dividing the estate based on default beneficiaries as laid out by the Act.
Speak With A Notary Today
If you don’t know where to begin with the creation of your will, or the updating of a pre-existing one, the best thing you can do is speak with your local notary public.
They can advise you on your options, how to proceed, and can help you draft or edit your will.
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