Most Americans put off the drafting of their wills for as long as possible, but this is a mistake. Out of all the things on your bucket list, your will should be at the top of the list. Nevertheless, over 50 percent of Americans aged 55 to 64 have not drafted a will, according to a recent survey.
What this means is that the state will decide how to divide their assets after death. If these individuals are parents and their children are under the age of 18, the state will also decide who is going to be the child’s guardian.
Because most parents want to choose who will be their child’s guardian after they die, the birth or adoption of a first child tends to be the moment when most individuals decide to create a will. In terms of timing, this would definitely be the recommended time if you have not already created your will.
Another moment when you might consider creating your first will is after a loved one dies unexpectedly. This can serve as a sobering reminder that we are not all here forever and unexpected events can certainly occur to any of us.
For those who have more complicated life situations, like more than one marriage or they own a business, it may be important to seek professional assistance for the will drafting process. This will ensure that all of the forms are completed properly, which can help reduce confusion and the amount of time needed to move the will through probate. An attorney can provide you with more information.
Source: mitchellkitroser.com, “When do you need to make a will?,” Gerri Detweiler, May. 08, 2015
