When Should You Think About Planning Your Will?

There are many people that assume that planning a will is for those past the age of retirement. However, no one knows when they will pass away and surprise accidents or illnesses can happen to anyone at any age. A will is a document that protects a person’s loved ones in the event of their death, and it is an important thing to have in place before that event.

A will is a legal document that is part of an estate plan which states how a person wishes to handle the distribution of assets and custody of minor children if they die. Individuals can look for more information on estate planning at nctaxtrustsestates.com. Though it is uncomfortable for someone to consider their own death, it is important to know when to plan a will.

When Can a Person Start to Plan Their Will?

The legal age to create a will is 18 in most states. Many people that are this young don’t think about how their lives could end at any moment. Even for these individuals, it is important to write a will. They can write their will using a will kit.

Why Should a Person Plan Their Will?

There is a wide range of reasons it is crucial to plan a will, even for the younger crowd. For example, if a person receives an inheritance and then passes away without a will, distributing the money is a long and complicated process. A will ensures that the inheritance is handled according to the deceased’s wishes.

There are more well-known reasons to plan a will, such as the birth of a child or a marriage. Writing a will in these circumstances can ensure that a person’s children are placed with someone they trust. If a person has a familial history of mental or physical illness that leaves them unable to make decisions on their own, having a will helps them make major decisions before the onset of the disease. They can also appoint another person to make decisions on their behalf. It is vital to establish this document while still in a sound mental state, as a will that is written by a mentally unfit person can be contested in court.

What Happens if a Person Dies Without a Will?

Dying without a will is called dying “intestate.” In these cases, the state in which the person lived is given the responsibility of deciding how to divide the deceased’s assets. The laws that govern the division of assets without a will vary depending on whether the deceased person was married or had children. It can become complicated quickly if the person had several children, a domestic partner, or one of their children who died before them.

Some Final Thoughts

Regardless of a person’s status when they die, if they do not have a will in place at the time of passing, it is a huge headache for the surviving family members. The court will not always move quickly, drawing out an already painful process. The courts will not take into effect the wishes of the deceased without a will, which may cause the divided assets to be distributed unfairly or in a way that the deceased would not have liked. In the end, a person should write a will as soon as they are old enough to do so legally.