Drafting a will is one of the most important steps you can take to safeguard your wishes following your passing. Yet, many people procrastinate on this vital task. While there is no "one-size-fits-all" answer to when exactly the best time to draft a will is, several life events can serve as indicators that it’s time to get this done.
One of the clearest signals that it’s time to draft a will is when you experience major life events. These milestones typically include:
Marriage: When you marry, you may want to ensure your spouse is looked after and that your property and assets are distributed fairly. A will can help specify how you want things to unfold, whether it’s assets being shared or designated for specific purposes.
Having Children: If you become a parent, drafting a will becomes crucial. You’ll need to name a guardian for your children in the event that both parents pass away. Without a will, the court may decide who will care for them, which may not align with your preferences.
Divorce: If you’re going through a divorce, it’s essential to update your will. You may want to exclude your ex-spouse from receiving any inheritance or revise your beneficiaries entirely. Failing to update your will after a divorce can lead to unwanted legal complications.
Significant Health Events: If you receive a serious medical diagnosis or undergo a major health scare, it may be time to start thinking about your legacy. Even if you’re in relatively good health, it’s better to prepare a will sooner rather than later to avoid potential uncertainty in case of an accident or sudden health change.
Another key time to draft or update your will is when your financial situation changes significantly. This could include:
Receiving an Inheritance: If you inherit a large sum of money or valuable property, you may want to incorporate these new assets into your will to ensure they’re distributed according to your wishes.
Acquiring Property: Whether you’ve bought a home, started a business, or acquired valuable assets like stocks, jewellery, or artwork, your will should reflect these changes. You want to ensure that these possessions go to the right individuals after your passing.
Starting a Business: If you’re a business owner, having a will is especially important. Not only do you need to determine what happens to your shares or interests in the business, but you may also need to designate a person to manage or take over the business.
Lastly, it’s important to update your will periodically to reflect changes in relationships or personal wishes. As friends, family, and circumstances change, your desires regarding who should inherit what may evolve as well. Regularly reviewing and updating your will ensures that it accurately reflects your current wishes, preventing any surprises or disputes after your death.
TY Lawyers in Chatswood is here to assist you with when you find yourself needing to draft or update your will. With a variety of in-house legal services, we welcome you to connect with our local will and estate lawyers in Chatswood, or for the professional services of a notary public in Chatswood. To commence the process, please contact us here.