Making end-of-life plans may be way down your to-do list. You’re young, you’re healthy, you’re just starting out, you have plenty of time. The last thing you want to think about is your death. Unfortunately, the reality is that accidents happen every day and not everyone walks away from them. Take the time to prepare for that “just-in-case” scenario by making your end-of-life wishes clear.
If you are not sure if it is the right time to draft a will, read below for six key indications that it is time to write a will. If at least one of the events below has occurred, do not delay the estate planning process any longer.
Change in marital status
Whether you are getting marriage, divorced or going for round two, you are going through a change that should signal it is time to create a will or update an existing one. Relationship changes typically mean that there has been a change in the beneficiaries you should include in your will. Protect your loved ones by making the necessary changes and do not leave their future inheritances to chance.
Birth of a child
If your first child has just been born, it is past time to write that will. Not only will adding your child as a beneficiary protect his or her portion of your estate, it will also allow the chance to name a guardian in case the worst happens before your child reaches the age of majority.
Opened a business
If you are starting a business and you want to leave that company or its assets to your heirs, put it in writing. Be sure you are clear about how you want the business divided between your beneficiaries as well as requirements for continuing operations or selling off the business.
Purchasing a home
If you are buying a home in St. Michael, you are making a very significant purchase that you should include in your will. In general, if you acquire any high-value assets, it is time to create or update your will. For example, you may want to make it clear that your heirs should sell the property and divide the proceeds equally. Or perhaps you only with for one person to inherit certain property. If you do not make your wishes clear, the state of Minnesota will make the decision for you.
A brush with death
If you or one of your loved ones has already had a brush with death, regardless if it was in the form of an illness or an injury, take this as sign that you need to put a proper estate plan in place. Take the time to meet with your estate planning attorney and get things in order. Leaving things to chance could result in a delay in probate court or your intentions not being carried out.
It’s been more than 5 years since the last update
If you already have a will and other estate planning tools in place and it has been more than five years since you looked over the documents, it is time to pull them out and give them a once-over. Be sure your will stays current and reflects the property you own as well as how you would like your estate handled at your passing.
If you can check the “yes” box on any of the events listed above, it is time to start the estate planning process or make sure your current plan is up-to-date. Do not leave your estate in the hands of a Minnesota probate court judge that is unable to guess what your intentions would have been.