As parents, we’re always planning for our family’s future. But there’s one crucial aspect of family planning that often gets overlooked: estate planning.
Research carried out by Willed, an online estate planning service, shows that many people delay this important task until something a pivotal moment in life happens.
These are the five key moments they found when most of us consider discussing estate
planning with your family.
Welcoming a New Family Member
Whether it’s the birth of a child or the adoption of a new family member, this joyous occasion is also a crucial time to think about the future. According to Willed’s survey, 13% of respondents created a will after having children.
As new parents, it’s essential to designate guardians for your children and ensure they’re
financially protected if something unexpected happens to you.
Buying a Home
Purchasing a property is a significant milestone, and it’s also an ideal time to create or
update your estate plan. In fact, 11% of survey respondents cited buying a property as their reason for creating a will.
Your home is likely your most valuable asset, and you’ll want to ensure it’s passed on
according to your wishes.
Experiencing a Health Scare
While it’s not pleasant to think about, health issues can arise unexpectedly at any age. The survey revealed that 15% of respondents were motivated to create a will after a health scare.
Use this as a wake-up call to get your affairs in order and provide peace of mind for your family.
Getting Married or Divorced
Major changes in your relationship status should always trigger a review of your estate plan. Whether you’re combining assets with a new partner or separating from a spouse, it’s crucial to update your will to reflect your new circumstances and ensure your wishes are clear.
Receiving an Inheritance
If you’ve recently received an inheritance, it’s time to think about how you want to manage and eventually pass on these assets. This is an excellent opportunity to discuss your family’s financial future and values around wealth.
Don’t Put it Off
While these conversations can be difficult, they’re incredibly important. In fact, 50% of survey respondents reported feeling “relieved” after completing their will. By addressing estate planning during these key life events, you can provide security and peace of mind for your entire family.
Although it’s the easier option, don’t put it off like the 73% of respondents who had delayed creating a will for two years or longer.
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