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When is a good time to write a Will?

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15 November 2018

Everyone must write a Last Will and Testament … not making a Will is dangerous and can cause problems for your family and loved ones when you are gone.  Many people do not want to dwell on something as unpleasant as their mortality and so making a Last Will and Testament is often neglected.

However, make no mistake, …

 

… Writing a Last Will and Testament is one of the most important things a person can do …

 

… and it is an essential part of providing for the well-being of your family members and loved ones in the event of your death.

So now that you know you must write a Will, the next question is, “when is a good time to write a Will?

The best answer is, “right now”, but there are certain “life events” that you could use the determine when you should consider your estate again (or for the first time) … because, in reality, you should make several Wills throughout your life that appropriately reflect your current estate and circumstances.

Below is a list of “life events” you can use as motivation to finally get that Last Will and Testament done:

Just got Married

Getting married, whether for the first time or again, means you need to consider the security of your spouse.

Getting re-married means you need to consider how you will deal with your previous spouse and your new spouse.  Marriage means the people that would have benefited from your estate might change.

The possibilities vary greatly depending on people and your stage of life, so it is important to deal with your new situation and adjust your Last Will and Testament accordingly.

Just got Divorced

Getting divorced also changes your relationships and so you must adjust your Last Will and Testament to correctly reflex your circumstances.

Just became a parent

When you have children, it is important to write a Will so they are properly provided for; don’t wait until the second child … do it when the first one arrives.

Another important consideration is Guardianship of your minor children.  If both parents pass away, you want to have named a guardian in your Will to ensure that your children are with the person(s) you believe are best suited to care for them.

As your children grow and change so do their needs and you will want to update your Last Will and Testament to reflect these changes.   Your children may have spouses and children of their own, all of which could affect how you wish your estate to be dealt with.

New Home

A new or additional house can mean a significant change in the value of your estate and all significant changes to your estate value can mean it is a good time to update your Will.

Health

Your health is a major factor in considering your estate … as unpleasant as it is to consider.  If you or your loved one have had a brush with ill health, it is it very important to make sure your affairs are in order. 

In addition, if someone you have named in your current Will has passed away or become incapacitated, you might need to update your Will to best ensure your wishes are met.

Old Will

It is best to regularly update your Last Will and Testament, many things change over time and sometimes these changes happen more often than the “life events” mentioned above can make provision for.

It is important to make sure that your Will is up to date and in accordance with your wishes.

DISCLAIMER: iLawyer provides information and software only. iLawyer does not provide legal advice or participate in any legal representation. iLawyer is not a law firm or a substitute for an attorney or law firm.
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