Life Events That Might Make You Consider a Will

Have you ever wondered what will happen to your assets and dependents after you are no longer a part of the mortal world? You might want your assets to get distributed among your dependents in a certain way. But if you want people to fulfil your wishes after you pass away, you must make a will.

Even though a will is a crucial legal document, people often lack the enthusiasm or willingness to draft a will. But some life events can trigger individuals to draft their wishes legally in a will. Scour through this blog to learn about the significant life events that give people the realisation to draft their wills.

1. Marriage or Divorce

Your marital status greatly impacts how your assets get distributed after your death. When you marry and start a family with someone, you will want your spouse to be your beneficiary.

Maybe you have children from a previous marriage. You can also add them as your beneficiary along with your new spouse. Similarly, if you get divorced, you will no longer want your former spouse to be a beneficiary in your will.

2. Childbirth or Adoption

After marriage, people usually want their spouse to be their beneficiary. But when a child comes into the family, you will also want to add them to your will to secure their financial future. Once you adopt a child or become a biological parent, making a new will often becomes necessary to safeguard their future.

You can nominate a guardian in your will to care for your children until they turn 18. People also prefer setting up trusts and including them in wills so that their children inherit the trust at a specific age. You can also name a foster or stepchild as a beneficiary in your will.

You might consider reviewing your will when your children have reached an important milestone. For instance, you might want to ensure that you have made the best decisions for your children when they graduate or get married. You will also consider drafting a will or reviewing your existing one when you welcome a grandchild into your family.

3. Purchasing a Property

The purchase of a home is often the most significant investment in the life of an individual. Your dream home is an intimate achievement and demands your protection. It is still a huge asset even if you have taken out a mortgage to buy the property.

After you pass away, you might want the property to go to your children or any other dependent family member. A wills lawyer in Perth will ensure that you can divide your estate the way you want, even when you are not alive.

4. Recent Moving

If you have been living in a completely different area all your life and recently shifted somewhere else, you must draft your will as fast as possible. Estate planning laws significantly vary across different jurisdictions. Your existing will might not be legally valid in the new place where you have moved. Therefore, updating your will is a safe move when you change residencies.

5. Beginning a Business

A business success plan is about determining who will succeed you in managing your business. A will is the best place to legally mention who will inherit your business when you suddenly die or become disabled. Specifying the inheritor of your business clearly in the will ensures a smooth transformation in leadership without any legal disputes.

6. Changing Value of Assets

While drafting your will initially, you have to consider the value of your assets before leaving them to beneficiaries. The issue is that the value of your assets keeps fluctuating during your lifetime. Consequently, the proportionate value available for each beneficiary may alter.

Your assets can include everything from your investments, business, personal use, property, and more. When the value of your assets changes, you will have to make the necessary amendments to your will. Thankfully, you will find experienced wills lawyers Perth WA, to help you with the process.

7. Getting a Promotion or a New Job

Did you recently get promoted or a new job that pays you to quadruple your previous remuneration? In that case, the worth of your estate will increase considerably. Therefore, you will have more money for your heirs to inherit.

But more money means increased legal disputes and fights over who will get what in your absence. A well-drafted will with proper instructions regarding asset distribution will prevent your family members from tearing apart each other over your money.

8. Death of a Family Member

Several people name their spouse as a healthcare proxy or give them a power of attorney. You might have named a family member the trustee of a living trust. But what happens when the beneficiary or executor of your will passes away before you due to an unfortunate event?

If you want your will to have the clearest instructions, considering the uncertainties of life is crucial. Therefore, you must seek legal advice regarding what to do when the beneficiary or executor passes away before you.

9. Medical Diagnosis

Maybe you get diagnosed with a serious medical condition. The doctors have given you only a few months to live. Even if you never saw it coming, pragmatic behaviour would be drafting a will right away regarding the distribution of your assets.

Moreover, you can also use your will to offer healthcare directives and express your funeral wishes. You might benefit from choosing a healthcare proxy who can be anyone, like your spouse or child. The person with the healthcare proxy will be responsible for making all medical decisions on your behalf when you cannot make them yourself.

Final Words

Drafting a will can be a complicated procedure. But the best wills and estates lawyers in Perth can help you with it. The most experienced wills lawyer will understand client requirements and answer all their queries to create the best will for them. So hire an experienced will lawyer now!