When Is It Time to Write Your Will?

 Posted on November 06,2014 in Estate Planning

For most people, the thought of sitting down to write a will is somewhat unnerving. It requires thinking about a time when one is no longer alive, which is understandably difficult. According to the AARP, close to half of Americans age 45 and older have not yet written their will. Though it may be hard for some, taking the time to plan and write out a thorough will can save a family time and money.

Determining the "right" time to compose a will is not the same for everyone. Since a will must contain current information, it is a document that requires constant updates. Instead of searching for a specific age when writing a will is most appropriate, it makes more sense to view it as a periodically updated document.

After Acquiring Property, Assets or Financial Changes

Without a legal and updated will, making sure the beneficiaries receive what is rightfully theirs can be difficult. This is why it is absolutely critical to keep all information regarding assets and property in a will.

For some, it is easier to think about a will representing one's current financial standing and worth—as opposed to a document that is only important after passing. A proper will should read like a thorough catalog of one's property and identify who is to inherit what after death.

After Marriage

For many, marriage is more than a happy occasion; it is also a time to update or start writing a will. If one spouse should die, it is important for the other to know what he or she will inherit.

Marriage is also a time when people purchase property and when ownership may change or adapt. These are changes that a will must document.

After Having Children

Having children is another moment when it is appropriate to update a will. Without an updated and valid will, children can spend thousands of dollars in legal expenses to secure what their parents had initially planned to pass on to them.

Contact a Trusts and Wills Attorney for Assistance

If you feel it is time to write your will and would like the assistance of an experienced DuPage County trusts and wills attorney, contact Stock, Carlson, Flynn and McGrath, LLC. Call 630-665-2500 today to schedule a consultation.