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What Age Should I Create a Will?

What Age Should I Create a Will?

What Age Should I Create a Will?

Creating a will for the first time might feel like something that can wait until later in life, but did you know it’s actually better to start sooner rather than later? Your will can and should be edited and updated regularly, so don’t worry about starting too early. Here’s a guide on when to start thinking about a will and when to update it.

Start Working on Your Will As Soon As Possible

The first time you will have an opportunity to start a will is when you become a legal adult at the age of 18. Most 18-year-olds don’t have many assets, and some may still be in high school living with their parents. No matter what your life looks like at 18, it’s important to start thinking about the future. If you’re over 18, it’s time to start thinking about your will today. You never know what might happen and you want to make sure your loved ones are cared for, your assets are going where you want them to be and your affairs are settled.

There are a lot of big life moments that will happen to you throughout the years, and you want to make sure that with each one, you update your will. Sometimes these big life moments happen quickly and close together; other times, there will be years and years between them. If these big life moments have already happened, or maybe you don’t expect any of them to happen in the near future, be sure to continue updating your will regularly. Set a goal to update your will every 4-5 years. You might have no changes, but reviewing your will on a regular basis will help keep things fresh.

Some of the big life moments that should trigger a will update include:

When You’ve Accumulated Assets – As soon as you start to have assets, it’s important to ensure they are accounted for in your will. This includes things like savings and cars and other personal property with value.

If You’ve Purchased a Home – Buying a home means you’ve gained a large asset, which should be included in your will. Once you’ve closed on the home, be sure to update your will and include it.

Will If You Get Married – When you get married, your assets become one, and presumably you want your partner to have access to your joint assets if something happens to you.

If You Have Children (and again when they are adults) – It’s important to update your will with instructions for the care of minor children as well as the distribution of assets. Once they are adults, you will want to update it again to reflect these life changes.

If You Get Divorced (and again if you get remarried) – If your marriage ends, you may want to remove your ex-spouse from your will, and if you remarry you will want to add your new spouse.

If You Start a Business (and again if you sell it) – If you start or buy into a business, you will want this reflected in your will, the same goes if you sell a business.

Looking for highly trained attorneys who specialize in estate planning? Give Mestayer Law Firm a call today. We are ready to help you get prepared for whatever life throws your way. 228-762-1193

No representation is made that the quality of legal services performed is greater than the quality of legal services performed by other lawyers

This article does not create an attorney-client relationship. I am licensed to practice law in Mississippi and have based the information presented on US laws. This article is legal information and is for entertainment and informational purposes only and should not be seen as legal advice. You should consult with an attorney before you rely on this information. Any information provided in this blog is accurate and true to the best of my knowledge, but that there may be omissions, errors or mistakes.

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