With the world moving at lightning speed, it is often difficult to sit back and focus on what will happen when you are not around anymore.
For most people, the thought of estate planning and preparing a will is a conversation they would rather leave for another day, but in essence nobody knows when their last day will be. It could be tomorrow or thirty years from now. In any case it is important to have plans in place.
There are positives and negatives to what time of your life to starting creating a will. Whenever you choose, it is best to contact an estate lawyer who can assist in the preparation of your will.
Young people planning their future should be congratulated. The issue with preparing a will at this stage of your life is that you often don't have a great deal of possessions and money to leave. Perhaps, a second-hand vehicle, an apartment or some cranking speakers, but that will be it.
There is also more of chance that you don't have children or a spouse yet so everything you own would probably go your immediate family and/or close friends. This said, wills can be changed and there isn't a bad time to start planning.
- Middle-aged adult (30-65)
By this stage of your life, it is important to have a will in place. People will likely be in a steady job and have a spouse and children. You are old enough to have some savings and key assets that need to be allocated during estate planning.
There is also a higher chance that medical issues are beginning to surface and having a will can give peace of mind over any unforeseen circumstances. It is also important to formally identify your children's caregivers should anything happen to you or your partner.
This is the perfect stage of your life to hold estate planning and preparing a will.
It may not be the best idea to leave a will to this stage of your life. Although it will give you a good overview over all your estate, key issues can crop up if anything is left out. As your memory decreases, poor judgements could be made and result in unnecessary will disputes.
The best way to approach a will is to update as you go. As your circumstances change, contact your estate lawyer who can make sure all possibilities are covered.