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When should you draft a will? 

On Behalf of | Apr 6, 2023 | Estate Planning |

Estate planning is a legal process that can make your final wishes legally binding. A fundamental component of any estate plan is the will. This document allows you to pass on instructions about who should inherit your assets. 

Once you reach the age of 18, you are legally entitled to have a will drafted. But when is the right time to draft a will? 

After having children 

Having children gives parents a fresh perspective on life. You are no longer merely responsible for your own well-being, but you have little ones who completely rely on you. It’s not uncommon for new parents to bump estate planning up in their list of priorities. A will can allow parents to ensure that their kids are always financially secure. It’s also possible to nominate legal guardians who will look after the children should anything happen to their parents. 

When you obtain new property 

Perhaps you and your family just purchased a new home. Or, maybe the family business has taken off and is bringing in a substantial profit. In any case, you want your hard-earned savings to go to good use if something happens to you. An estate plan can allow you to distribute these assets according to your wishes should you pass away. 

The right time is now 

Estate planning is something that everyone should consider. The documents used in this process serve numerous functions. You do not need to be elderly or have a significant amount of assets. Seeking legal guidance will give you a better idea of the best plan for you.