When you die, your loved ones will need to know what to do with your belongings. If you want to give them instructions to work from, you need to have a will set up before your death. While many people don’t need a will just yet, others have put it off for too long. 64% of Generation X and 78% of millennials say that they don’t have a will. This could lead to problems when they die, especially if they have kids. If you don’t have a will already, here are five situations in which you might need to write one.
When You Get Married
Marriage is a romantic celebration of love. However, it is also a legal contract between you and your spouse. So it is important that you have everything set up to take care of them if you are to pass away first. By getting an official will written up, you can be assured that nothing will come out of the woodwork to surprise them after your death.
When You Have Kids
Once your kids are born, a will becomes essential. Not only do you need to protect your assets for them, you also need to have a plan in place for them in case something happens to you. Your will can dictate who will take care of them and what things they will need. It can also allow you to set up a trust where their new guardian will have access to the resources they need in order to raise an additional child in their home.
When You Get a Diagnosis
Just because you get sick does not mean you are going to die. However, some diagnoses can be more grave than others. If there is a chance that your condition will become terminal, you need to make sure that your will is updated. Many people will end up with chronic conditions like heart disorders or lung problems. Four out of five older adults will get at least one, while half of them will have more than that. You don’t want to be dealing with your will while also trying to treat your illness, so get your will taken care of as quickly as possible.
When You Have Specific Needs
If you have specific instructions after your death, it is essential that you have a will. Any changes from the expected might result in legal problems or your wishes being ignored. You might have kids who are among the 15% of the US population enrolled in Medicare and want to leave them extra money to pay their medical bills. Make sure this is very clear in your will or they might not get the money they’re entitled to receive.
When You Come Into Money
If you suddenly receive a large amount of money, you should make sure you have a will. This might be a one-time thing like a winning lottery ticket. Or you might get a well-paying job. Either way, a change in your financial situation might lead to battles over your assets after your death. Make sure you have a will that clearly states where you want everything to go, including any American national life insurance that you may have. This will save your executor a lot of stress.
A will is important for everyone, but it can be less essential to some. If you experience any of these situations, you’ll need to have a will written up. Once it is official, you’ll be in a much more comfortable place. It will also ensure that should you die, your wishes will be respected and your money will go to those whom you want it to go to.