Is There A Good Time To Estate Plan?
No one knows what the future holds. That’s why it’s best to be prepared at all times. Nobody knows the best time to create a will, and that’s why Estate planning can be complex, but we will go through the basics today.
A will is a legal document that outlines your wishes in the event of your death. This includes outlining where your financial assets will go and who will care for your minor children. When is the best time to create a will? The answer is now.
The Best Time to Create a Will Is Now
If you are an adult seeking out information about a will, you’re more than ready for one. A common misconception is that wills are for older folks or something you should take care of when you’re near the end of your life. However, wills are beneficial to all adults with any assets regardless of age or marital status.
Why You Need a Will
We can’t see the future. This means that preparing a will sooner than later can protect your wishes and your family in the event of your passing. Without a will, the court will decide who will receive any of your assets. And if you have children, they’ll also decide who their legal guardian(s) should be.
Another downside to failing to prepare a will is leaving your family without a clear plan forward. Emotions often run high after a loved one’s passing. And the presence of assets may result in family strife and conflict otherwise avoided with a clear plan.
What’s Included in a Will?
A will should include basic demographic information such as your name and any other names you go by often. The bulk of the will should cover any property you have as well as who receives that property (beneficiaries) after your passing. You should also choose contingent beneficiaries in case that party is unable to assume ownership.
Next, you’ll want to choose an executor of your estate or someone responsible for carrying out the wishes you’ve identified in your will. Finally, you’ll need to name a guardian for your children, if applicable.
Although DIY options exist for putting together your own will, we recommend reaching out to an estate planning attorney for help. You won’t want to miss a critical step in the process that could interfere with your wishes later.
Need a Will? Reach Out to an Estate Planning Attorney Today!
A will is a critical document for anyone to have. It should be easy However, it would be best if you didn’t try to create one yourself. Instead, if you’re ready to start planning for the future, we can help. To learn more about estate planning or speak with an attorney in Elk River, MN or call us at 763-241-0477 or send us a message.