When should you write or revise your will?

| Jul 3, 2020 | estate planning | 0 comments

As long as you are a legal adult, it is never too early to early to write a will. However, there may come a time when it is too late. You could die unexpectedly or lose the mental competence to write a valid will due to an injury or illness.

According to U.S. News and World Report, many adults do not make out a will until they experience a major life event that spurs them to it. While it is a good idea to write your will before a life-changing event, these may also be good times to revise your will if you already have one.

1. After you get married

Marriage involves combining two households and accumulating shared property. After the wedding, you and your spouse may seek clarity about what is going to happen to all those assets when one or the other of you eventually dies.

2. When you become a parent

When you welcome a new child into your family, you take on the responsibility for that child’s welfare, physically as well as financially. Your will should not only provide for your child’s maintenance but name a guardian in the event that you and the child’s other parent die before the child reaches the age of majority. If you first wrote a will when you got married, the birth or adoption of your children are occasions to revise it.

3. Upon the death of a loved one

The death of someone close to you may serve as a memento mori, i.e., a reminder that sooner or later you will die too. You may experience difficulties with the management of the decedent’s estate and decide to spare your surviving family the same trouble by getting your affairs in order now.

These are perfectly good reasons to write or revise your will. In fact, there are really no bad reasons.