I was recently involved in a car accident. Unfortunately, since it was my first accident, I was scatter-brained and anxious. What I did not realize at the time was that the actions you take immediately after the accident can affect a personal injury case and the outcome of that case. I wanted to find a way to share my experiences and mistakes with other. Since the Internet is so popular, I figured this would be a great way to do so. While you likely aren't planning on being in an accident soon, if you are, hopefully you remember some of the tips I share on this website.
Most people rarely have time to think about writing a will. This is especially true for young people. Most people only think about end-of-life plans when they're old or suffering from terminal illnesses. Regrettably, that's never a good option because accidents happen. You should always be prepared for that "just-in-case" scenario by having a will in place.
Don't wait until it's too late to start drafting your will. It doesn't matter how young you are, start the estate planning process as soon as possible. Here are some signs that should tell you it's time to draft a will.
You Have Acquired a High-Value Asset
Once you have added a high-value asset to your portfolio, you should make a point of creating or updating your will if you have one. High-value assets include land, houses, vehicles, and yachts. You want to make it clear that the heirs should sell the asset and divide the proceeds equally.
You can also decide to allocate your properties to your heirs instead of having them sold. Don't leave your family fighting for your assets simply because you didn't make your wishes clear.
You Have Started a Business
The other reason you want to draft or update your will is if you have started a company or a business. You might want your heirs to inherit the business and its assets once you pass on. In that case, make it clear how you want the company and its assets divided between the beneficiaries. Also, don't forget to include how you want the beneficiaries to run the business.
You Have Changed Your Marital Status
A change in marital status can either be a marriage or divorce. Any change in your marital status should signal it's time to draft a will or update an existing one. If you decide to get a second wife or get divorced, it means there has been a change in the beneficiaries. Making the necessary changes helps you to protect your loved one in the event of death. Don't leave the inheritance of your loved ones in jeopardy.
You Have an Illness
As much as you have been reluctant to make your future plans, a close encounter with death can motivate you to create a will. Whether you have had an illness or you have been injured at work or in a road accident, meet up with an estate planning attorney and make your wishes known. Don't leave things to chance because family disputes might emerge.
If any of the incidences happen to you, don't delay the estate planning process. Failure to create or update your will can affect your family in a significant way. Visit a site like https://www.linskylaw.com to learn more.