When To Create A Will

Most sources theorize that less than half of all Americans have actually prepared a personal Will. For many, their personal assets, businesses and finances will be left to inappropriate family members, or even a legal court to finalize at the time of their death.

Who Can Make A Will?

Anyone over the age of 18 can create a legally binding Will for themselves. While most 18 year olds are not drafting Wills or even taking a reality check on their mortality, most financial advisors and attorneys recommend not waiting much longer than this. Think about what will happen to your personal assets should you suffer a health tragedy that makes you incapable of handling your personal business, or results in death.

Having even a basic Will is better than nothing, some sources say. Once you have financial and personal property, someone will be stuck taking care of it, should your life end sooner than later.

If you do not care how your personal property or finances are handled, then do not bother with a Will. However, this choice can prove a real headache for loved ones left behind who really have no choice but to deal with your assets and business in some way.

Taking Care of Business

When you have gone to the trouble to establish investments and have laid the groundwork for a solid personal financial plan, why would you want someone else determining the ultimate dispersal of your assets? Take the time to plan for your finances and personal property with a little estate planning. In the case of your untimely life-threatening illness or death, both a Living Will and Legal Will can assure your assets are looked after by a trusted friend or loved one.

There is a vast difference of opinion on the type of Will that is necessary for distributing your assets and taking care of other matters. Most legal advisors agree that once you have in mind multiple beneficiaries or have complicated extended families or many different types of assets, you should consult an attorney to prepare a Will. An attorney will take into account your personal financial status along with the specifics of state statutes.

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