There doesn’t ever seem to be a good time to start thinking about your death and what will happen after. No one should actively seek out death, yet you still should be prepared, just in case the worst happens. It may seem premature to create a will, but when is the right time? There are a few circumstances that lend themselves to contemplating the future and how to deal with unexpected events.
Hazardous Career
There are certain career choices that will put you at a much higher risk of premature death than others. These sorts of jobs often pay well, meaning that you should think about how to divide up your wealth and assets. Regardless of your age, when you choose to enter into a dangerous or hazardous career, you should have your last wishes known. It could also be useful to create a power of attorney in case of a serious accident.
Nearing Retirement
If you’re already retired or nearing retirement age, it’s time to think about your will. While it’s true that you likely still have many years left, getting things in order now is important. It will take your worries away and allow you to fully enjoy your retirement years. You can sit down with your children and make sure everything is in order so that you can enjoy this time without having to worry about the future.
Building Assets
One of the main purposes of a will is to divide up your assets after your death, so when you start collecting those assets you will want to provide for their disposal. You can update your will as you get older, but if you don’t create one and you die prematurely, the division of assets will be decided by the courts and your family will have no say. For your real-estate property, you may choose to consider creating a transfer on death deed as well to avoid the hassle of probate process for your beneficiary.
Serious Illness
If the worst has already happened and you’ve become seriously ill, having a will drawn up is very important. This can help lift the burden of burial wishes, as well as asset division, from those who love you most. Even if you’re able to recover, having the will in place will help in the future.
Starting a Family
When you and your spouse start having children, it doesn’t seem like the best time to start thinking about your death, but it is actually crucial. In addition to the division of assets, your will allows you to designate a legal guardian in case you die before your children reach adulthood. You want to make sure your children are provided for, so take a little time to set their future up in the case of the worst happening.
When creating your will, it may also be helpful to create a power of attorney that your spouse, parents, or other trusted adult can hold. This will allow them to act on your behalf if you become incapacitated. It isn’t fun to think about things not going well in the future, but if you take the time to deal with it now, you won’t have to worry later.
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