A last will and testament is the cornerstone of nearly every estate plan. This document outlines what you want to happen to your assets after you die, and if you have minor children, who will take over their care.
At first thought, a last will and testament may seem like something you don’t necessarily need until you are older or until you start accumulating significant wealth. But this is not the case, and having a last will and testament is a necessity for nearly every adult. At the same time, there are several situations that should spur the creation of this essential estate planning document:
- When you get married
- When you have a child
- When you have a positive net worth
On the other end, once you make your will, you should not let it sit forgotten about for years and years. You should update your last will and testament if you experience a major life event, such as getting a divorce, adopting a child, or acquiring an inheritance. Generally speaking, we recommend reviewing your will every year, so you can make updates as needed.
One thing we always tell our clients is that your last will and testament is not the place to put funeral plans. If you want your funeral to go a certain way, talk to your family members about this beforehand – by the time your will is reviewed after your death, your funeral will likely already have happened.
If you have any questions about creating a last will and testament, or if you want to know more about completing your estate with other documents, we are here to help. Contact us today to set up an initial estate planning consultation.