My friend Phil is young, single, unattached, and his most valuable asset is a beat-up but much loved 1992 Ford Taurus which he has endearingly named 'Timmy.'
Does he need a last will?
Probably not. But what about everybody else - when do YOU need a last will?
You Probably Need a Last Will If...
For most of us, the first trigger for writing a will is when we start a family.åÊ If something should happen, the last thing you want is confusion about who will take care of your children and how they will be supported financially.åÊ Arguments over who gets to care for your children, or worse, arguments over who gets to NOT care for your children could exact a heavy toll on your family and your children. Having a will creates legal clarity, and forces these important conversations to happen.
Another trigger might be changes in marital status.åÊ Getting divorced or re-married can lead to a more complex family structure and difficult decisions about what to leave to whom.åÊ These are stressful choices, but much better to specify your intentions now rather than leave it to a judge and a potential legal fight between your loved ones.
Today Is a Good Day to Start
The bottom line is: having a last will is a need to have, not a nice to have. Creating a last will and keeping it updated is crucial to ensuring that your desires are carried out and that your family will have clarity after you pass on.
So when do I need a last will?åÊ Today is a good day to start, because after all, tomorrow is a day that is always just beyond the horizon.
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