Having a WILL is not a matter of age but a matter of good common sense and should always be considered seriously by any person.
Don’t think what you think will happen once you die, is what will happen in a court of Law.
Do you have/had a full or part time job/
Do you have asses? (e.g land, house, car, motorbike, business, jewelry, tools).
If you passed away without writing a will, your current partner may or may not be entitled to raise a claim for support from your estate. Your children will inherit 2/3 and your legal spouse 1/3 of whatever is left over. Whether or not your estate will be available to support your teenagers through their post-secondary education will be up in the air.
The 5 top reasons you need to have a will executed are as follows:
1. You, and not the default law of your region, will determine who receives which share of your estate. It is wise to obtain legal advice about who your dependants are, and therefore who would have legitimate claims for support from your estate.
2. If you have sole custody of your children, then you will have the right to determine who will assume custody in your place for the first 90 days if you pass away. Your choice will likely be influential in the judge’s decision, but the ultimate order for ongoing custody rests with a judge who decides what is in the best interests of the children involved. You might want to write a letter explaining how your choice meets the legal tests the judge would have to consider.
3. You will have the opportunity to appoint a trustee to hold the designated portion of your estate, and to make decisions about how funds are allocated to your children before they reach a certain age. For example, you may decide it would not be in your children’s’ best interests to receive a large inheritance at the age of 19. The funds may be controlled by someone you trust to make those decisions until your children attain a certain age.
4. You will have the opportunity to plan to minimize your estate’s tax exposure.
5. You will be able to thoughtfully appoint someone, or more than one person you trust, to wrap up your estate. A lot of confusion and extra burdens at an emotionally difficult time are avoided if you get consent from the people you wish to appoint in advance.
You can take care of these questions by consulting Apollo Personal Databank about your will. Although the chances of an early, tragic end to your life are small, your loved ones will be grateful for your advance planning.