Typically, the younger you are, the less you think about planning your will and other estate planning documents. Often, estate planning feels like something that can wait for another time and might be only for people who already have a great deal of wealth.
As you get older, you start to pass certain milestones for considering creating an estate plan. While some milestones have to do with financial accomplishments, others do not.
These are some of the times in your life you should consider creating (or updating) your will.
Buying property
Buying your first home can be an exciting time. In addition to having a new place to call home, it is a significant financial milestone.
Your home is an important asset, and you should have a plan for which loved ones you want to have your home when you pass away. Creating a will is a helpful way to determine who will inherit your home.
Having children
One of the most common times for people to consider creating a will is when they have children. Whether you have a child on the way or you have been enjoying parenthood for a while, it is important to create a will once you have children.
If you pass away without a will, your assets will follow the Florida statute for intestate succession. Depending on your relationship status and how many children you have, intestate succession could mean that your assets go entirely to one person rather than several loved ones.
Starting a business
When you work hard to develop and build a business, you want it to support your loved ones for generations to come. You can pass on your company with an estate plan that names the person who will take over the business for you when you pass away.
As you consider who will take over your business, you should think about who will be best suited for your ownership role. You should also be prepared to make changes if your loved ones’ interests change.