A will is a legal document that clearly states how a person’s property and belongings will be divided after their passing. It is crucial to have such a written agreement in place as it guarantees that your intentions will be followed after your death, and that your family members and loved ones will receive the care you desired. But when should you create a will?

When To Create a Will?

The answer is: The moment you have any assets or dependents, in other words, the earlier the better. This includes your assets, money in savings or investments, your personal belongings, and any debts you might own. You should still have a will in place even if you are young and single, as the future is unknown. Furthermore, it is crucial to have a will in place if you have kids because it will guarantee their support in the event of your passing. A further vital factor to take into account is that, in the absence of a will, the state will decide how your assets are allocated in accordance with its laws of intestacy. Unintended consequences could result from this, and your loved ones might dispute as a result. A will guarantees that your desires are followed and that your family members are cared for as you intended.

Why Should You Have a Will?

To secure your wishes after your passing. A will enables you to describe your preferences, including whether you want to leave a specific item of property to a certain individual or money to a cause. A will should also be in place if you own a business to enable a smooth transfer of ownership in the event of your passing. You can indicate who should administer the business after you pass away in a will. Furthermore, it’s crucial that you have a will in place if you have a loved one with special needs. This will ensure that they will be taken good care of after your passing. In a will, you can indicate exactly how their needs and requirements will be handled and specify whose responsibility it will be to care for them.

Ultimately, a will is a crucial legally binding contract/agreement which guarantees that your desires are honored and that your loved ones are cared for as you planned following your passing. If you wish to be certain that your intentions are followed, you should have a will drafted as soon as you possess any property, wealth or dependents. A will should also be in place if you own a business or have a family member who requires particular care so that they may be properly supported after your death. At Equity Law Firm LLP our experienced lawyers will help you draft a legally binding and well-written will to avoid possible confusion and disputes amongst your loved ones. It’s wise to start planning for a will as soon as you can.

Contact Equity Law Firm LLP today.