Preparing a will is a strange experience. You’re making decisions and setting into motion events that won’t take place till after you’re dead. Regardless of how comfortable you feel about making your will, its important that you have one.
As much as we like to think we’ll all live long, healthy lives, we don’t know how much time we get. And that’s why you shouldn’t wait too long to make your will.
When to Make a Will
Generally speaking, you should make a will once you have assets worth willing away and people to will them to. Whether it’s a car, a house, stocks, savings, personal valuables, etc., these items need to go somewhere should you pass.
Typically, people will create a will after a significant life event, from getting married to having children to buying a home. Don’t worry, you can always change and update it as needed. In fact, that’s something you need to be doing once you have a will set.
When to Update Your Will
Your will should be updated after any life-changing events. If you get married, get divorced, have a child, have another child, buy a home, sell your home, etc., it’s time to update your will.
Even if nothing significant happens, you should review your will every 5 years or so. Remember, once you’re gone, there will be no changing your will. Make sure it is up to date.
What Happens if You Die Without a Will?
If you die without a will, the probate process can become a more drawn out affair. Since there is no designated person to preside over your affairs, the court will appoint a person they believe to be most qualified.
This person, known as an administrator will decide what happens with your assets based on the laws of your state. This could end up being very different than what you would have wished for.
Get Your Affairs in Order
To ensure your will is sound and your estate is taken care of, you need an experienced probate attorney. For estate and probate attorneys in Springfield, Ohio, contact the offices of Michael T. Edwards today. We’ll make sure your family’s future is taken care of.