One of the biggest and most difficult questions you may have as you begin your career and family, and obtaining assets is when you should start thinking about the situations that could occur in the case that something happens to you. It’s always recommended to establish a will no matter the circumstances. Here are some major life experiences that should urge you to start organizing and planning your estate for life after your death.
When something major happens that may threaten your life, it will likely force you to think about what will occur if you pass away. This can include things like major injury, disease, or an accident or near-accident. The realization of morality is scary but important to motivate you to begin estate planning since tragedy does not wait for a time that is convenient.
In addition to personal close calls with death or disease, it is possible someone you named in your will may pass away or otherwise become incapacitated. If this happens, you will need to revisit your estate planning documents and make changes accordingly.
Marriage indicates a fundamental change to how you will think about your future. You are now the part of a two-person package, and many decisions you make are reflective of joint wishes.
Your new marriage will likely impact your beneficiaries, but also guardianship in the case that you have children and pass away before your spouse does. If you have recently married for the first time (or have divorced, or remarried), then you will want to revisit your previously outlined terms.
The future protection of your kids is one of the most important concerns you will have. You want to ensure that your loved ones are provided for after your death by your accord, as opposed to allowing intestacy laws dictate where your assets will go, or letting the courts determine guardianship. Once you bring kids into the world, you will likely have them in mind as beneficiaries; if you have had children and have not yet established an estate plan with a Daytona Beach wills attorney, this is something you should look into with urgency.
If you are thinking of buying a home or have recently bought a home for the first time, this is likely the most substantial asset you have and greatly changes your estate’s value. So, you will want to make sure to keep up-to-date on your estate planning to appropriately consider this asset in the case of your demise. Additionally, if you’ve come to your new Florida home from out of state, you will want to update your estate planning documents to account for its new laws regarding estate planning, since they vary from state-to-state.
Starting or owning a business will also alter your estate plans. As another substantial asset, the legacy of your business should be considered in your estate plan.
Beginning the Process
Why wait on planning your legacy? Legally, you can begin drafting your will at the age of 18; even at this age, you likely have some assets that are important enough to you to want legal provisions over. The best way to begin the process of drafting your will is by talking to an estate planning attorney in Daytona Beach, who will be familiar with the laws specific to Florida.
We’ve assisted Volusia County residents with a variety of legal needs for more than four decades. That includes estate planning, trusts and guardianships. Contact us today to learn more about starting your own will.