When you are in your twenties, most of your focus is probably on building your career, relationships and life. But have you stopped to think about what would happen to your assets, loved ones and final wishes if you were no longer around?
A will is an essential document that ensures your wishes are respected and your loved ones are protected, even after you are gone. And it is not just for older adults – unexpected events can happen at any age, and a will can provide peace of mind and security for you and the people you love.
Why update your will?
A will outlines how you want to distribute your assets, who will care for your children and other important decisions you will have to make when you pass away. It is a fundamental part of estate planning, allowing you to make informed decisions about your legacy. It is essential to review and update your will after significant life changes.
Life events that may require a revision
As your life changes, your will should, too. Here are four key events that may trigger the need for an update:
- Marriage or divorce: If you get married or divorced, your spouse’s rights and responsibilities may change. Update your will to reflect these changes.
- Having children: As a parent, you may want to appoint a guardian for your children in case of your passing.
- Moving to a new state: Laws regarding wills vary by state. Ensure your will complies with New York State laws if you have recently moved.
- Changes in assets: If you have inherited property, received a significant inheritance or started a business, you may want to update your will to reflect these changes.
By updating your will, you can ensure that it accurately reflects your wishes and priorities.
Take control of your legacy
Reviewing your will regularly ensures that it reflects your current wishes. If you are unsure about updating your will, consider consulting with a legal professional who can guide you through the process.
Remember, having a will is not just about planning for the end of life – it is about taking control of your legacy and making informed decisions about your assets and for your loved ones.