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Posted by: Maricopa Lawyers on Oct 19, 2015

Most people don’t consider the subject until later in life, but if you’re wondering if now’s a good time to make a will, it probably is. There are several reasons why an estate plan should come into your picture much sooner than middle age, and there are some times when doing so is especially crucial. Here are some key milestones in life that should prompt you to think about a will.

When you change your marital status. Whether you’re getting married or divorced, your beneficiaries will change, and it’s important to include your new spouse or remove your former spouse to reflect your desires in your will. If you’ve made a will before getting married, it’s generally cancelled automatically unless specified otherwise. Also, if you’re in your second marriage, your estate plan will have unique issues.

When children come into the picture. Arizona laws will ensure that your children will receive at least a portion of your estate, even if you don’t have a will, but having an estate plan in place ensures that they receive more of what you want them to receive. Wills and other estate documents also allow you to name a guardian for your child if both you and your spouse pass while they’re still minors.

When you purchase a home. When you buy a home, the value of your estate changes dramatically. The change in the value of your estate affects your beneficiaries, and creating or updating a will at this time is extremely important.

When you start a business. The value of your estate also changes when you start your own business. Especially if you plan to pass on your family business to future generations, estate planning is important to make sure your business or your share of the business goes to the successor you name.

Although it’s not a fun or easy subject to approach, making sure that you’ve planned ahead for the well-being of your family can help you rest a little more easily. Writing a will and using other estate planning tools can assure that your estate goes where you want it. It’s also important to know the laws and procedures of passing on an estate in Arizona. If you’re ready to talk about the best ways to pass on your estate, talk to an experienced estate attorney today.