While thinking about your Last Will And Testament might be uncomfortable, preparing a Will now ensures that you are prepared for the future. Meeting this uncomfortable topic head-on guarantees that your family and estate are taken care of in the event of your death. You should write a Will because it directs how your property will be distributed after you die. You can also use a Will to establish a trust for your children or spouse. Without a Will, state laws direct how these issues are resolved, which may or may not match your needs.
Everyone’s estate and situation is different, so while there is no “right time” to write a Will, a good rule of thumb to follow when thinking about drafting your first Will is that if you have a positive net worth, even if you are unmarried, you should write a Will. You have a positive net worth when your assets (what you own) are worth more than your liabilities (what you owe).
Often, there are events that encourage people to write their first Will, such as watching a loved one pass away, having a near-death experience, or being diagnosed with a life-threatening illness. However, other exciting events should motivate people to draft their Last Will and Testament before tragedy strikes. In addition to obtaining a positive net worth, other major life changes are considered good times to draft or revise a Will. Thus, you should consider writing your first Will when you buy a home, get married or divorced, have children, or even travel out of the country.
Since every person’s estate is different, you need an attorney who can work with you to understand your specific needs so that you leave the documents you need to protect the interests that matter. The attorneys at the Sinclair Law Office, PC have helped many clients plan their estates. We can help you design and complete documents necessary to secure your interests and property. Schedule a consultation today by calling 903-533-1005 or clicking the button below.