When Should I Set Up a Will?

Setting up a will is an important step one must take when he or she is ready. Since we all go through life at a different pace, there is no set age at which one should create a will. However, there are certain life events that may trigger the need to create this important document. Are you in need of a will?

Acquiring Assets

Once a person begins acquiring assets such as property, a home, investments, etc. they should begin creating a will. Although it is not ideal to think about, the future is not certain. We all must plan what happens to our assets when we are gone in order to assure they are going to the intended person.

Getting Married

Upon getting married, creating a will is an important step. If there are certain assets you wish to leave to someone other than your spouse, it’s a good time to lay it all out.

People who are in committed civil partnerships or long term relationships who wish to leave assets to their partner are also encouraged to create a will to make sure intestacy rules do not take over if something happens to them.

Having Children

When children are brought into the picture, it is important for parents to create a will. First, a parent will want to appoint someone to take custody of the children if anything should happen to them. Second, the parent will want to determine which assets are to go to the children at what time.

Terminal Illness

If you have been diagnosed with an illness, especially a terminal one, you should make sure you create a will as soon as you possibly can. Once you have created a will, your assets will go where you intend them to after your passing.

Regardless of what stage of life you are currently in or how healthy you are, it is important to always have a plan when it comes to finances and your assets. Make sure all of the assets you have accumulated in your life are distributed according to your wishes.

We value the relationships that we have built with our relationships, and we have helped many of our clients create their wills. If you would like help creating your will, contact our experienced team at O’Keeffe O’Brien Lyson Foss.  

Image courtesy of/ Tim Pierce