Writing a Will sounds like a grown-up thing to do. But when do we officially become a ‘grown-up’ – when we start our careers, when we get married or when we have kids? A Will is something we all avoid for the wrong reasons. Ideally, the best time to write one is when you’re young, healthy and sound of mind, but most importantly when you have valuable assets you wish to protect. If you don’t already have a Will in place, now is the time to do it.
There are also key milestones in life when a Will is essential to protect yourself, your loved ones and your estate. As well as making any amendments due to lifestyle changes. In this blog, we cover the main instances when a Will should be written:
When You Get Married
You’ve just committed your lives to one another (congratulations!), and you want to ensure your spouse continues the life you’ve planned together even if you’ve passed away. A Will ensures your partner will inherit or can remain in the house you own. It also directs your financial wealth to them as well as any other elements including business, children or additional property.
If you’re in a long-term relationship
Marriage isn’t for everyone, and you don’t need to be married to have a Will. But if you want your long-term partner to be looked after in the event of your death a Will needs to be put in place. This can also cover any living arrangements for them, especially if your home is under one name.
If You’re Divorced or Widowed
Sadly, relationships can break up. To save messy arguments between loved ones it’s important to update your Will after splitting with your spouse. Several factors could impact your requests if you don’t clarify them in your Will. For example, if your spouse remarries after your death, their new partner may be entitled to your estate before your own children. By having an up-to-date Will you can ensure your requests are followed through.
Once You Have Children
A parent with parental responsibility can appoint a guardian in a Will. When that appointment takes effect depends on the surviving parents’ parental responsibility and any relevant court orders. Naming a guardian does not automatically remove a surviving parent’s rights, and children do not automatically enter social care simply because no guardian was named. Discuss your choice with the person you want to appoint and obtain individual advice if there is a dispute or a safeguarding concern. See Children Act 1989, section 5.
Changes to Your Financial Circumstances
This can cover a lot of scenarios including:
- Inheriting money or property
- Investing in a second property
- Starting a new business
- An increase or decrease in your income
These changes to your financial situation may affect how you want your estate to be left; perhaps you’d like to split your properties between your children or leave any additional funds as a gift to a charity. An experienced Will Writer can talk you through your options and ensure your wishes are met.
Why Do I Need a Will?
Along with the reasons above, you can also read our guide to making a Will. Ultimately, they make sure your final wishes are granted and your estate is handed over to those you trust.
At What Age Can I Legally Make a Will?
The average age to make a Will is between 45-55 years old. However, you can legally make a Will once you’re 18 years old, and a Will should definitely be written when you have property or a business to pass on, or family responsibilities to plan for in the event of your death.
Will Writing Services
For any advice on writing a Will or if you’re ready to secure your loved one’s future, get in contactwith our friendly team today.
