Over half of Americans do not have basic estate documents like a will, trust, or powers of attorney. Are you one of them?
You may think that you are too young to write a will, but an unforeseen accident can leave your family heartbroken and struggling.
To prevent your assets winding up in probate, it is crucial to start drafting your will asap.
We talk about which life changes impact your will and whether you need to write one now.
Life Events That Impact Your Will
There are certain events in your life that affect your finances and your assets. If you have gone through any of these significant changes you should write or update your will.
- Getting married
- Having children
- Purchasing a home
- Buying a car, boat, RV, etc.
- Starting a business
You should update or review your will every five years. This makes sure that your assets wind up where you want them after your death.
Think You Are Too Young?
In South Carolina, you can create a will once you turn eighteen and are no longer a minor. While no one wants to think about dying, it is better to prepare for anything that life brings. Unexpected accidents happen to people of all ages.
Do not be unprepared. Dying without a will means you have no control over who inherits your assets.
* It’s especially important to have a will if you have children.
Other than the points mentioned above, there are a few more factors that necessitate writing a will.
If You Have an Inheritance or Business Assets
Even if you have your inheritance in a trust, you should include it in your will.
If you have recently started a business within the last few years, include those assets in your will. Be sure to state any business succession plan you may have. Also remember to think about royalties, copyrights, and patents.
You Have Pets
If you have a pet that you want to be well taken care of after you pass, you should include them in your will. Remembering them when writing your will ensures they are cared for if anything happens.
You Have a Family History of Mental Illness
A testator (the person writing the will) must be of sound mind. Certain illnesses may affect your ability to make important life choices. For this reason, it is a good idea to write your will while you are young.
How to Write a Will
Wondering how to write your will? You can do it yourself with a template, but you need two disinterested signatories without anything to gain from your will to sign as well.
You can also speak with a lawyer to discuss your estate plan rather than do it yourself. Getting the assistance of an estate planning attorney might be easier since you can be sure that the document is legally binding.
Make a list of all your assets and beneficiaries beforehand so you do not forget anything. Remember, you can always edit your will. In fact, you should do this every few years or after any major life change.
Write a Will Now to Avoid Problems Later
As long as you are over eighteen, you are never too young to write a will. Writing one now will protect your assets and your family after your death.
No one likes to think about dying, but having a will means you are prepared for the future. It assures your possessions do not go into court and makes sure no one argues over who gets what.
Are you ready to talk about writing your will? Contact us to schedule a consultation today.