When should you set up will?

Sneddon says that most of the time, a person makes a will after an important life event, such as getting married, buying a house, starting a new job, or retiring. Economic and global events also incite people to make wills, as do celebrity deaths. Many financial advisors would recommend starting an estate plan the moment you become a legal adult and then update it every three to five years. The reason for this is that, at 18, you are now responsible for your finances, health care (in some states) and power of attorney; and you want to constantly ensure that everything is accounted for.

However, for most young adults, an estate plan is the furthest thing from the mind, which is normal. The main purpose of making a will is to choose the beneficiaries so that they receive all their assets. Your beneficiaries can be family members or loved ones, or an organization such as a non-profit organization. You'll also choose an executor, someone whose job it is to fulfill the wishes contained in the will.

Estate planning “triggers” are essentially any milestone that increases your wealth or affects how you want your assets to be distributed after Marriage & Remarriage: Combining assets, no matter how many, is a crucial time to begin estate planning. In all jurisdictions, if there is no valid will, the assets will pass to your heirs by law, who may or may not be who you would have intended in a will, said Samantha Weyrauch Davis, estate planning attorney and director of the Hall Estill Law Firm in Tulsa, Oklahoma.

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