How important is it for me to have a Will and at what age should I consider it?

If you are like most people you should have a Will at such time as you turn 21 and have any assets. You should consult an attorney to see what would happen with your assets if you died without a Will. The rules differ in many of the states. Therefore, a general answer is not possible.

However, if you are unmarried, you need to decide whether you want parents or siblings to equally receive shares in your assets or whether you would like them to receive unequal distributions. If you are married, you need to decide whether all of your estate would go to your spouse. If you have children, you need to decide who would take care of them and who would handle their financial assets in the event of your death. You would need to determine whether you would like to make specific gifts or make any legacy distributions.

You should review your Will at least once a year (perhaps when you check smoke detectors or change from day light savings time to standard time). Check my suggestions for important events that should cause a review. You should review it with an attorney every 4-5 years because laws change and you may wish to take advantage of one of those changes.