A simple rule of thumb is that you should have a will drafted depending on two important criteria. For one, when you have a significant change in life circumstances (i.e., marriage, divorce, birth of a child, death in the family), you should seriously consider how you are going to dispose of your assets when you die. Not only the disposition of one’s accumulation of assets or wealth should be taken into consideration, but the care for one’s minor children should be accounted for in the context of the will.
Another important factor to consider when contemplating whether to create a will is when you have a change in upward financial status (i.e. more lucrative employment, receipt of inheritance). How you are going to pass on the assets you have accumulated (either via will or testamentary trust) over your lifetime should be reviewed by an experienced New York estate attorney.