A last will and testament isn’t just for the wealthy or the elderly—it’s for anyone who wants to protect the people and things they care about. Creating a will is a responsible and caring step you can take to help secure your peace-of-mind and the future for your family.

So, when is the best time to make a will? The answer is simple: now. You’ll feel a huge sense of relief knowing your wishes are in place. Here’s a simple guide to help you understand what a will is, why you might need one, and how to get started.

What is a last will and testament?

Often just called a “will”, this is a legal document that outlines what should happen to your property, money, and dependents after your death. In it, you can name heirs who will receive your assets, appoint a guardian for any minor children, and choose an executor who will be responsible for carrying out the instructions in the will.

When should I make a will?

Consider creating a will as soon as you have assets or dependants, such as a spouse or children. Many people make their first will, or update an existing will, when any of these life stages happen:

• You’ve bought a home or started accumulating assets
• You’ve gotten married or are in a serious relationship
• You’ve had children
• You’ve started, or inherited, a business

What happens if I don’t have a will?

If you die without a will, it is called dying intestate and typically the applicable laws of where you live will determine how your estate is divided and who gets what. As well, there may be significant delays and extra costs incurred in the settling of your estate. That cost will come out of your assets, leaving less for any children, spouse, or other family to inherit.

How to make a will

Creating a will can be fairly straightforward. It is recommended that you retain a legal professional to help you develop your estate plan and draft your will. You will be required to list assets including bank accounts, real estate, cars, etc., choose heirs, pick a guardian, if required, and name an executor. Once your will is complete and signed, you should ensure that there are multiple copies stored in safe places like a home safe, with your lawyer and/or with a trusted friend or relative. And, finally, be sure to review and update your will, all copies, when you have any major life events like a marriage, the birth of children or a divorce.

For more information about creating a will, reach out to a legal professional. Your insurance advisor may be able to help direct you to additional resources.