What is a will and what would be the right time to start making one
The formal definition is that a will is a declaration of a testator's intention regarding how they wish the estate to pass on debt. Put simply, it's a written document that informs those who you leave behind upon your demise or upon your death, what to do with all of your goods. Those goods could be real estate. It could be personal property. It could be even digital assets. But what happens after you depart this side of life? As with anything, life comes at you in stages when you're in your 20s you may have some limited assets a basic will would, you know, ensure that these go to your desired recipients.
Then the next phase of your life, 30s, 40s, 50s you may be thinking about starting a family. You may be thinking about getting married. You may be thinking about moving countries. You may be thinking about upgrading yourself in terms of the asset class that you may have those sorts of considerations would then require an upgrade or a different type of will as you try to future proof your life. But then again into the twilight era of your life maybe around 60, 70, you know, you may wish to consider updating your beneficiaries. Do you have children, grandchildren? Do you have charitable causes that you, you want to contribute to or donate to? Do you have a retirement plan? Do you need medical care? What would that look like? Who would take those decisions?
So general advice is that depending on the stage you are in life, you should be updating your, your will, maybe every five to 10 years. Ideally you make one as early as possible.
-Learnings from Episode 2 of Vera Legal Insights with Mikhail Charles.
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