When is the Best Time to Prepare Your Will?
Most people see the act of making a will as staring at the end of their own mortality. However, what most don’t realise is how important it is to have your will prepared, especially when they are still young. Those that do often wonder when is the appropriate time to start organising their affairs. Usually, there are several trigger events that signal it’s time to meet a professional about will preparation in Perth.
Events that reflect significant changes on your relationships and your beneficiaries such as marriage and divorce are one of the best reasons to start making a will. When doing so, be sure to include or remove your spouse to reflect the beneficiaries you want in your will. Wills that were made before marriage can be automatically cancelled upon marriage unless you specified otherwise. In the case of remarrying, be sure to state your plans for your children and spouses from your previous relationship in your documents, whether it be by removing or altering their entitlements.
Once you have a child, it’s important to start writing your will to ensure they are properly provided for. Laws on intestacy ensure that your children will be entitled to portions of your estate, however, the division may not be as you prefer. If you have children that are under the age of majority, your estate will be under your child’s guardian. You can select the guardian yourself, if not, the legislation will dictate who your child’s guardian will be. After your child becomes an adult, however, their needs can change which means you would need to update your will.
Investing in a home represents a significant change in the overall value of your estate, and any change in your estate’s value, whether it’s an increase or decrease, will affect how much you leave your beneficiaries after your death. When you buy or sell large assets, you should update your will and how they will be distributed.
When moving out of the province or to a different country, it’s important to update your estate planning documents. Every jurisdiction has their own laws when it comes to wills, trusts and other estate planning techniques.
Will writing in Perth becomes necessary when faced with your own mortality. If you are any of your loved ones recently had a scare or an event that has reminded you of death, it could force you to realise that you are not in any way prepared for your ultimate demise. Following this realisation, you may want to make sure that you and your family are prepared properly in the case of your death. This includes updating or creating a will.
The death of your loved ones and others also affects your estate planning documents. If a beneficiary you have named in your will has recently passed away or become incapacitated, thus making them unable to manage your estates, it’s best to update your will to reflect these changes.
If you have decided to start writing your will, our professional lawyers at Brook Legal can guide you. We will also readily update your will per your request when any of the events mentioned above happen. Schedule a consultation with us today.