If you ask an Estate Planning expert about the right time to make a Last Will and Testament, the answer will be "yesterday." The golden rule to follow when thinking about a timeline for getting a Will done is that – It's never too early.
Why should you create a Last Will and Testament?
A legal last will would protect your loved ones and let them know about your wishes when you pass away. It's a simple legal instrument that can make your family's life easier. Here's why you should have it:
- You can decide who will get what from your estate. It would entirely be your decision.
- Your family won't have to go through uncertainties about the probate process and deciding who gets what.
- You could decide who would be your minor children's guardian.
- You can appoint your executor in the Will, who would overlook the entire distribution process.
However, the decision to make a Last Will and Testament is rarely a decision taken alone. If you're here, you may be thinking about the right way to discuss estate planning with your partner.
Pick the right environment.
Sit with your partner during a relatively calm and peaceful period of the day. Begin this discussion understanding why it's not a good idea to wait until a time of crisis to start this process as it may become too late.
Be comfortable with the uncomfortable.
It's not easy to talk about an uncomfortable topic like a Will, especially when you're discussing this with your partner. Nobody wants to imagine a situation where they are not around for their loved ones. Let's look at it from a different perspective – ask your partner to see this hypothetical future through the lens of your grieving children or loved ones. Think about the mental peace they would have about the family's assets being legally secure and distributed fairly.
Stress on its importance
While in life, it's always good to look at the positives, sometimes being prepared for the worst. You must have heard the saying, "Life's too short to learn from your own mistakes." Talk to your partner about an example of a situation where an estate was handled poorly due to the lack of proper estate planning by a family. They might know someone who has experienced it, or you can give them hypotheticals about what things could happen if you pass away without a will. Express why estate planning is essential and why you should create your will now.
Discuss your options
While you can always go the traditional route of going to a lawyer, most of us do not have attorneys on speed dial. This usually becomes an overwhelming and expensive process. Consider talking about getting your Will done digitally. The online process will save you a significant amount of money and time.
No matter which option you feel you're comfortable moving forward with – this is a simple checklist that you can follow as your personal Will making guide.
The Golden Rule!
Remember the golden rule that we spoke about at the beginning? It's never too early to start Estate Planning. Getting a Will done now will give you peace of mind about the future of your estate. Don't worry about new additions to your portfolio; we have that covered under Residual Assets (learn more from the checklist above).
You should create an online last will and testament now to ensure ease for your partner and family.