This month my firm is focusing on estate planning so this month’s legal tip of the month has to do with drafting a will. I know there are some who dread drafting a will due to the somber connotations attached to the subject but it is really an invaluable document and quite important to have prepared. So…
When Should I Write a Will?
Honestly, once you reach a certain age EVERYONE should have a will written. But it is especially so if you have accumulated assets (house, property, stocks, etc.). If you have minor children you should definitely have a will in place so you can designate who will raise your children in the untimely event that you die before they reach the age of maturity (a guardian). Before designating someone as guardian for your children, you should think carefully of the person proposed and also discuss it with him or her to ensure that they would not suffer hardship if the situation arose and if they feel they would be able to do it. Also, designate an alternate guardian in the event that the primary guardian is unable to take on the task. Again, discuss the matter with the alternate with as much gravity as you do with the primary.
Even young adults and those with no assets should draft wills. A Will is a good way in which to ensure that personal property goes to the individuals that you want them to go to.