Creating a will is an important aspect of responsible estate planning, but many Florida residents put off this task until it’s too late. Deciding when to create a will can be challenging, and determining when to move forward with your will can vary depending on your circumstances. In general, it is best to create a will as soon as possible, regardless of your age or current health status.
What is a will?
A will is an estate planning document that outlines how you want your assets to be distributed after you pass away. Without a will, your assets will be distributed according to state laws, which may not align with your wishes. By creating a will, you can ensure that your property goes to the people and causes that matter most to you.
There is no specific age at which you should create a will, but certain life events should prompt you to do so. These events include getting married, having children, acquiring significant assets, or experiencing a major health issue. Even if you have not experienced any of these life events, creating a will as soon as possible is still a good idea.
Reasons to create a will at a younger age
One reason to create a will at a younger age is that unexpected accidents or illnesses can happen at any time. If you were to pass away suddenly, having a will in place would make distributing your assets much easier for your loved ones. This can help prevent unnecessary disputes and ensure your property is distributed according to your wishes.
Another benefit of creating a will at a younger age is that it allows you to make updates and changes as your life circumstances change. For example, if you get married or have children, you can update your will to include these individuals as beneficiaries. If you acquire new assets or change your mind about how you want your property distributed, you can change your will as needed.
Reviewing your will
In addition to creating a will, it is also important to regularly review and update it. It is recommended that you review your will every three to five years or whenever there is a significant life event, such as a marriage, divorce, birth or death in the family. By keeping your will up-to-date, you can ensure it accurately reflects your wishes.
Planning for the future
By creating a will at a younger age and regularly reviewing and updating it, you can ensure that your assets are distributed according to your wishes and prevent unnecessary disputes among your loved ones.