It is human nature to put off tasks that are unpleasant or difficult. Creating an estate plan or drafting a last will usually fits into both of those categories. Thinking about what happens when you pass away is far from an enjoyable daydream, and properly creating a comprehensive estate plan can require a substantial amount of effort and planning.
People create last wills because they want to protect their legacy and the people that they care about. There are some very common reasons for people to decide it is finally time to write their last will.
Becoming a spouse or a parent
When someone else is dependent on you for financial or social support, you will want to do everything you can to fulfill their needs and play a positive role in their life. Estate planning ensures that there is a guardian named for your children and that assets you hold will pass to the individuals you want them to pass to if you die.
Acquiring substantial or valuable assets
For those living in an apartment and taking public transportation, having a will may seem unnecessary, but for those with a home, investment or retirement accounts or other valuable possessions, what happens to those possessions when they die can be a matter of concern. Some of your assets could benefit people that you know and love, while other assets may serve as precious keepsakes for the people who played an important role in your life.
Reaching retirement age or facing a medical issue
Oftentimes, people are more open to creating a last will when they reach retirement and start thinking about the end of their life or when they face a medical diagnosis that forces them to make end-of-life care and medical decisions. These are some of the most important times to update an estate plan so that your wishes are carried out just as you want them to be.