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Circumstances that call for creating or updating a will

On Behalf of | Dec 31, 2021 | Estate Planning

Although financial experts recommend that every mentally competent adult should have a will, there is a large percentage of people who do not have one. Arguably, you could create a will at any time, but there are certain circumstances in which having one is important.

Even if someone already has a will, the creator should review it regularly and update it when certain life changes occur.

Accumulation of assets

According to AARP, almost 80% of people between the ages of 18 and 36 do not have a will. One of the excuses used by many is that they do not have sufficient assets. However, as people begin careers, they slowly begin to accumulate assets in the form of cash, retirement and property. Single people should especially have a will to give instructions as to how to distribute assets.

Change in health

Another good reason to create a will is to name a healthcare power of attorney. This is true for everyone, but especially for those who have a recent medical diagnosis. This POA would make medical and healthcare-related decisions in the event the individual is physically or mentally unable to do so.

Birth of new baby

FindLaw discusses that welcoming a new one into the family is the perfect time to create a will. A will names a guardian for the child, and this ensures that the couple is in charge of naming the person who would raise their minor children in the event they both died.

Second marriage

A good time to update a will is after a divorce and when there is a second marriage. If the person does not change the will at these times, an ex-spouse could inherit assets and the new spouse may not receive anything.

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