5 Life Milestones That Mark a Good Time to Update Your Will

Life is full of events that affect us in many different ways, both personally and financially. As we experience these milestones, it’s important to consider how they affect our loved ones and how we can protect their future. One way to ensure that your loved ones are taken care of after your passing is to create a last will and testament. But how do you know when it’s time to update your will? Here are five life milestones that mark a good time to consider updating your will.

Buying Your First Home

Buying your first home is a significant financial milestone, and it’s one that requires careful planning. As you take this step, it’s important to make sure that your will reflects your new asset. If you don’t have a will, now is a perfect time to create one and ensure that your property and assets are distributed according to your wishes.

Getting Married

Getting married is not only a significant emotional milestone but also a key financial one. After marriage, you and your spouse may hold joint assets that will need to be accounted for in your will. Discuss with your spouse how you both would like your assets and property to be distributed after your passing. Firms like Walser Law Firm specialize in a few areas beyond estate planning, and many will have a marriage department to help with things like prenuptial agreements and marriage licenses as well. These discussions can help you both clarify your thoughts and ensure that your wishes are carried out.

Having Your First Child

Welcoming a new baby into your family is a joyous occasion, but it also comes with many new financial responsibilities. As you prepare for the future, ensure that your will reflects your new status as a parent, and establish a guardianship plan to take care of your child in case of your untimely death.

Your Last Child Leaving Home

As your children grow up and leave home, you may find that your assets and liabilities have changed. At this milestone, it’s essential to review your will and ensure that it still reflects your current financial and emotional situation. You may need to adjust guardianship instructions or remove unnecessary provisions.

Downsizing an Empty Nest Home

When all the children have moved out and your home feels a little too big, it’s common to move into a smaller home that’s easier to care for. This often comes with a lot of disposing of stuff that won’t have a place in the new home. It’s also a great time to look at establishing your estate and finalizing your will.

Final Thoughts

Keeping your will up to date is crucial, and it is not something to put off until later. The above life events signify critical milestones that may affect your financial and emotional status. Take a moment to review your will and ensure that it still accurately reflects your wishes and provides for your loved ones. With a well-crafted will, you can provide peace of mind to yourself and your family knowing that their future is secure.