As you age, it is likely that you find yourself thinking more and more frequently about a time when your family will have to do without you. Although it isn’t nice to think about death, it is something that we all inevitably have to face.
The reality is, if you are reading this article and wondering when you should write your will, the answer is right now. Death is a fickle thing, and once you have passed the age of 50, no day is ever guaranteed. Even before your over-the-hill birthday, it is probably time to at least consider who you want to leave your possessions to.
When Should You Write a Will?
Professionals recommend writing a will as soon as you have possessions of your own—even as early as 18 years old! This need increases as you take on loans, such as a house or car, and when you have offspring in your mid-20s and 30s.
Of course, you may be reading this article at 40 years old, and that is okay too. Just know that you should already have a will in place if you are married with children—and if you don’t, it’s time to write one.
Related: 10 Things to Consider Before You Retire
Why Write a Will So Early?
Maybe you just turned 50 yesterday. They say 50 is the new 40, and you are probably feeling fantastic! The average life expectancy in the United States is currently 77 years, more specifically, 80 for women and 74 for men. That means you likely still have 25-30 years ahead of you!
So, why should you think about death now? The sad truth is although most Americans make it to their 70s, some don’t, and once you pass the age of 50, your chances of having a heart attack increase dramatically(to about 4%!). What’s worse is that because you aren’t expecting to go so soon, you could miss the vital signs or be delayed in getting help—meaning you are more likely to die from a heart attack than someone who is in a nursing home—crazy, right?
Additionally, at 50, we expect to retire soon—likely in the next 15-20 years. With retirement comes time to travel and try new hobbies—both of which could cause life-ending injuries. While you should still do and try these things (don’t waste your last years!), it is very important to have a will in place before you go on that month-long trip to India.
This brings us to our last reason to write a will early. Even though 50 is still young, you are likely feeling your body begin to age. We hope you never experience a fall or bad workplace injury, but it can happen—so it’s best to be prepared before that happens.
What Happens If I Don’t Write a Will?
We hope that you are reading this for the purpose of writing a will immediately, but we know that isn’t the case for everyone—so now we will tell you what happens if you die without a will in place.
Those who die without a will have their estate settled by the government of the state where they live. Laws vary widely from state to state, so you’ll want to take a look at yours now. For your estate to go through state laws, your possessions will be appointed an administrator to disperse your assets. This administrator will be someone you don’t know, and they won’t be able to take your thoughts and feelings (nor those of your family) into account.
If this is fine with you, carry on with your no-will ways. But if you want to have a say in what happens to your things when you die, writing a will right away is imperative.
So, Can You Just Write a Will?
Essentially, yes. There is no lawyer needed for a will. The only requirements for a will to be valid is that it is written by you (on paper or a computer) and signed by yourself and two others. Whether or not you have a lawyer, the will needs to be signed by two witnesses, but these can be family members (or the lawyer) and then stored where someone in your family knows where to find it.
There are many services that can do all this for you, but those with a large estate will likely want to hire a lawyer to ensure everything is distributed properly.
You May Also Enjoy: How to Write a Will Without a Lawyer
Should You Have a Joint Will With Your Spouse?
The last thing to consider as you set out to write your will is whether or not you want a joint one with your spouse. Chances are, if you pass, you are planning to leave everything to them anyway—so do you really need a will for both of you?
Generally, it is never advised to split a will with a spouse. You should each have your own will. Although they will look very similar, they will be slightly different, and it’s these small changes that matter. After all, you are very unlikely to die at the same time as your spouse.
Plus, most states don’t recognize joint wills, meaning you are just asking for your will not to be followed or to be challenged by the government if its shared with your spouse.
**It is also worth noting that if your spouse has been married before, a separate will is likely required so they can leave items to ex-spouses and any children they had outside of your relationship.
We hope that this article has thoroughly convinced you of the importance of writing a will now. Even if you don’t get it finished and witnessed today, it’s essential to start the process right away, even if you still feel young. You never know when it may be your last day on earth, and the last thing you want is to leave too soon with your children dealing with a probate and legal mess!
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