Creating a will is typically a task we try to avoid. No one wants to face their mortality or make the difficult decisions that often go into making a will. For these reasons, we procrastinate. We tell ourselves this is a task better left to when we’re older, or when we’ve accumulated more assets. However, the right time to make a will is always right now!
That being said, there are certain life milestones that tend to prompt people to get their will done. Of all such milestones, marriage tends to be the most common. Getting married not only means you’re vowing to join your life with someone else and no longer live just for yourself, but it also tends to be associated with making that transition from young adult to mature responsible member of society. Creating a will allows spouses to outline their wishes regarding the distribution of assets, designate beneficiaries, and provide for each other in the event of one spouse’s passing. It also ensures clarity and peace of mind in terms of property rights and inheritance.
The birth or adoption of a child is another transformative experience that brings with it not only immense joy, but also responsibility. Parents have a duty to safeguard the future well-being of their children, and creating a will is an integral part of this process. A will enables parents to designate guardianship for their minor children, ensuring that they will be cared for by trusted individuals in the event of both parents’ death.
Although it may seem trivial in the grand scheme of life, planning a big trip is another life milestone that tends to lead one to finally get their will done. While travel is fairly safe and predictable these days, leaving the comfort of your home town or home country nevertheless brings risks, and it’s surprising how common it is for people to include getting their will done on their list of pre-travel ‘to do’ items.
A more obvious life milestone which often prompts people to get their wills done is retirement. Ending the working phase of one’s life and moving on to retirement marks a significant transition in life, often accompanied by changes in financial circumstances and priorities. During the retirement planning process, individuals should revisit their estate plans and make any necessary updates to their wills. This may involve reviewing beneficiary designations, updating asset distribution instructions, and considering strategies to minimize estate taxes or maximize the benefits passed on to heirs. A well-crafted will ensures that retirees can enjoy peace of mind knowing their affairs are in order and their legacy is protected.
Last but certainly not least, as individuals age or face health challenges, the importance of having a will in place tends to become ever more pressing. A will allows individuals to make decisions regarding their medical care, end-of-life preferences, and the distribution of assets in anticipation of their passing. This is also a stage when doing powers of attorney and living wills/healthcare advanced directives becomes important.
Whether it’s getting married, becoming a parent, going on a big trip, planning for retirement, or facing health concerns, having a will in place ensures that your wishes are respected and your loved ones are provided for in the event of your death. There’s no harm in getting to your estate planning as you encounter these milestones, but an even better approach is to be proactive and take charge of your estate planning right now, so that it’s one less thing to think about when that time comes.
