A will lays the framework for your personal estate plan. This document allows you to designate who you want to take ownership of your assets after you die.
According to the CDC Foundation, a will also lets you name the executor of your estate and designate guardianship for any minor children you have. If you have yet to create a will, you may wonder when you should take this step. The following are situations that should inspire the creation of your will.
You purchase property
After you purchase real estate or any other significant property, you should work on creating a will. Doing so can help prevent a lengthy probate process regarding who should receive the property if you suddenly pass away.
You get married
When you get married and start combining assets, you should make creating a will a priority. This will give you the opportunity to determine what will happen to certain assets in the event of your death or your spouse’s death.
You have a child
After you have your first child is a good time to think about estate planning and creating your will. You should also revisit and update your will for every subsequent child you have to name a guardian for every dependent in your family.
Once you create a will, remember that this document should not remain stagnant throughout your lifetime. Make changes to your will if you get divorced, get remarried, experience changes to your wealth or experience any other major life situation to ensure this document continually reflects your personal wishes.