Last Updated on: 23rd October 2024, 12:34 pm
A will is a legal document that details how you want your assets and affairs to be managed and distributed after your death. Despite its importance, many people delay or neglect making a will. While it’s often associated with older age, there are many life events and circumstances that make having a will essential, regardless of your age. So, when should you get a will?
Turning 18 and Gaining Independence
Once you turn 18, you are legally recognised as an adult and have control over your own decisions, including your estate planning. While most 18-year-olds may not own substantial assets, having a will can still be beneficial. If you have savings, personal possessions, or digital assets, a will provides a way to specify what should happen to them if the unexpected occurs.
Starting Your Career and Acquiring Assets
As you begin your career and start building your financial future, you may acquire assets such as a car, savings, or even property. At this stage, creating a will ensures these assets are passed on according to your wishes. Many people assume that small estates don’t need a will, but without one, the distribution process can become complicated, with the state deciding who inherits your belongings. If you are acquiring assets, then it is a good idea to enlist will writing solicitors.
Getting Married or Entering a Civil Partnership
Marriage or a civil partnership is a major life milestone that often involves combining assets and responsibilities. In the UK, any previous will you’ve made becomes void upon marriage or civil partnership unless it explicitly states otherwise. Therefore, updating or creating a new will to reflect your current situation is crucial, ensuring your partner is adequately provided for. Without a will, your spouse may not inherit everything, as laws vary depending on the value of your estate and the presence of other family members.
Becoming a Parent
Having children is perhaps the most significant reason to create a will. In addition to specifying how your assets should be divided, you can name a guardian for your children in the event that you and your partner pass away. This decision ensures that someone you trust will be responsible for your children’s upbringing. Furthermore, you can set up trusts or create stipulations regarding when and how your children inherit your assets, which can be essential for their future well-being.
Acquiring Substantial Assets or Investments
A will becomes increasingly important as you accumulate wealth, property, or investments. These assets require clear instructions for distribution, especially if they are complex or involve multiple parties. A well-crafted will can help reduce potential inheritance tax liability and avoid legal disputes among beneficiaries.
Divorce or Relationship Breakdown
When a relationship ends, whether through divorce or separation, your will should be updated to reflect the change in your circumstances. While divorce in the UK nullifies any bequests to a former spouse, it’s wise to formally change your will to ensure your assets are distributed according to your new wishes. In cases of separation, your former partner may still be entitled to a share of your estate, so updating your will is essential for clarity.
Approaching Retirement or Diagnosed with a Serious Illness
Creating or updating a will becomes even more pressing as you approach retirement or face a serious health condition. By having a current will, you gain peace of mind, knowing your affairs are in order, and your loved ones will be taken care of. This is particularly important if you own a business or have complex financial arrangements.
Final Thoughts
There is no perfect age or time to create a will, but certain life events make it essential. Whenever your life changes significantly, it’s time to consider making a will or updating an existing one. A will is not only for older adults or the wealthy—it’s a practical step to safeguard your wishes, protect your family, and provide peace of mind, no matter your stage of life.
