While most people think of estate planning as something that only older people do, you shouldn’t delay this process because death can befall any of us at any time. Probate judges distribute your estate as per intestate succession laws unless there’s a will that dictates what should happen with your money and belongings should you pass away.
This reason is just one of many why you’ll want to ensure you have an estate plan in place as you reach certain milestones in life.
When does someone first become eligible to draft a will?
Most people cannot write a will until they turn 18 years of age.
Many 18-year-olds don’t sit down to engage in estate planning because they think they have too few assets to do so or because death is far off. There are other aspects of estate planning that may be beneficial for them to address, though. One of these is drafting a health care power of attorney. They can authorize someone else to make medical decisions on their behalf by doing this.
When else should you consider drafting or updating your will?
There are many milestones in life that should prompt you to make a will or update the estate plans you have, including:
- When you marry
- When you have a child
- When you divorce
- When you plan to travel
- When you have a big change in your assets
- When you have a change in your relationships
- When you start a business
- When you get a big inheritance
It’s not uncommon for individuals who own a Tennessee home, start a business, come into newfound wealth to also need to draft or revisit their will and other estate planning documents. They may need to do this to ensure that their assets will easily transfer to their loved ones should they pass away. A Knoxville estate planning attorney can go over the different strategies you may want to employ at various stages of your life should the unexpected happen.