Creating a will is one of the most important things you can do to ensure that your assets and belongings are distributed according to your wishes after you pass away. While it can be difficult to think about your own mortality, creating a will can provide peace of mind and make the process of dealing with your estate much easier for your loved ones. So...

In this article, we will discuss the key factors that can help you determine when it is time to create a will.

First and foremost, it is important to understand that anyone can create a will at any time. You do not need to be a certain age or have a certain level of wealth to create a will.

If you have any assets or belongings that you want to distribute to specific individuals or organisations after your death, creating a will is the best way to ensure that your wishes are carried out. This includes everything from bank accounts and investment portfolios to family heirlooms and personal property.

However, there are certain life events that can make it especially important to create or update your will. These events include:

• Marriage or Divorce: Getting married or divorced can have a significant impact on your estate planning. If you get married, you may want to include your spouse in your will and ensure that they receive a portion of your assets. Similarly, if you get divorced, you may want to remove your former spouse from your will and adjust your asset distribution accordingly.

• Birth or Adoption of a Child: If you have a child, you will likely want to include them in your will and ensure that they are provided for in the event of your death. This can include everything from financial support to specific assets or property.

• Purchase of Property or Assets: If you acquire significant assets or property, such as a house or investment property, it is important to update your will to reflect these changes. This can ensure that these assets are distributed according to your wishes after your death.

• Changes in Health: If you experience a significant change in your health, such as a serious illness or injury, it may be a good time to create or update your will. This can help ensure that your wishes are carried out if you pass away unexpectedly.

• Retirement: As you near retirement age, you may want to create or update your will to reflect your changing financial situation. This can include changes to your asset distribution or the establishment of a trust to provide for your loved ones after your death.

In general, it is a good idea to review and update your will periodically, especially after major life events. This can ensure that your estate planning reflects your current wishes and circumstances.

Additionally, it is important to work with an experienced will writer to create a will that is legally valid and meets your needs.

In conclusion, creating a will is an important step that everyone should consider and revisit at various points in their life. While there is no specific age or wealth threshold for creating a will, certain life events can make it especially important to review and update your estate planning. By working with one of our experienced will writers and staying up-to-date on changes in your life circumstances, you can create a will that ensures your assets and belongings are distributed according to your wishes after you pass away.

Contact Will Monkeys today to learn how we could help you get peace of mind for you and your loved ones future. Whether it's writing or updating a will or advise regarding power of attorney. We're here to help!