When is the best time to write a will?￼
Many people, particularly when they are younger and in good health, never really consider writing a will. However, life can change in an instant and there are many events during life that can influence when you should write a will. In essence, you should write a will once you have an estate that could be inherited by your loved ones – whether that is property, savings or valued possessions.
If you do not have a will when you die, the law will make the decision of where your estate goes to on your behalf, which will not necessarily be in line with your wishes. While for a lot of people, a will may not be needed anytime soon, when should you start thinking about writing a will? Here we look at some of the key events in your life which should encourage you to make your will:
Buying a home
The purchase of any property, including a new home, adds a significant asset to your own personal estate. A major addition such as this, can play a major role in the total value of your estate and it may be divided between one, two or even more people. You may wish to pass your property onto a spouse or child, allowing them to continue living in the family home.
Marriage or divorce
Marriage or divorce can of course play a key role in your life and are likely to significantly change the beneficiaries named in your will. Generally, wills made before marriage are revoked automatically unless specific conditions are met but in the event of divorce, you may wish to ensure that the inheritance is passed onto children rather than an estranged spouse.
If you have children under the age of 18, you should ensure that your will states your chosen guardians of your children until they come of age. This allows you to name who you would like to look after your children should you and your spouse pass away. When this has not been specified, the courts are likely to decide where your children will go to in the event of your deaths.
The law should ensure that your children are entitled to a portion of your estate should you die without a will, however you may want to divide this up to certain recipients. When you have children, a will ensures that your children are provided for in the event of your passing.
Starting a business
If you own a business, writing a will means you have the opportunity to decide who will take over the running of the business in the event of your death. Yu will be able to specify who takes control of the assets and who continues to run the business in the event of your death.
You can specify, for example, one child to take over the business if they are interested and their sibling(s) are not. Your loved ones may never have shown any interest in desire in running your business, and so throwing them in at the deep end if you are no longer here could be distressful, as they will have to deal with any debts, suppliers, wages etc. that may not have been familiar to them.
There is never a specific time to make a will; however, it’s advisable to do so once you have assets that you wish to pass on to loved ones. This milestone often occurs early in your adult life, whether you acquire property, investments, or start a family. Crafting a will early on ensures that your wishes are clearly articulated and legally binding, providing invaluable peace of mind in the event of unexpected passing. By taking proactive steps to plan your estate, you can protect your legacy and provide for your loved ones with confidence.
Complete Estate Protection are experts in advising and drafting our clients legally binding wills. Please learn more about our services here.
Alternatively, please contact us via email on firstname.lastname@example.org or call 01642 493101.