When do you need a Will?
We’ve previously covered why making a Will is important, but here we’ll discuss when you need one. You should consider making a Will as soon as you become an adult and start acquiring assets or property that you want to go to specific people after you pass.
Key takeaways
- It’s never too early to create a Will, regardless of your age, health or financial situation.
- A Will allows you to specify how you want your assets, such as property money and personal belongings to be distributed among your beneficiaries.
- In your Will, you can appoint an executor who will be responsible for administering your estate and carrying out the instructions outlined in your Will.
There are certain events that may prompt you to create a Will including:
- Getting married is a significant life event that often prompts individuals to create a Will to include their spouse.
- If you get divorced, unless there is a provision stating your intentions to be otherwise, then any provisions or appointments of an ex-spouse become void, as they are treated as if they have died.
- The birth or adoption of a child is another crucial time to create a Will to appoint guardians for your children’s future.
- As you gain more assets or property over time, it is important to create a Will to reflect these changes and specify how you want them distributed.
- If you are diagnosed with a serious illness or have concerns about your health, it is wise to create a Will to ensure your wishes are carried out after you pass.
- If you have changes in your financial situation, such as inheriting a large sum of money, or starting a business, may warrant a creating a Will.
So why exactly should you make a Will?
- Protecting your assets – A Will allows you to specify how you want your assets, such as property, money and personal belongings, to be distributed among your beneficiaries. Without a Will, your assets may be subject to intestacy laws, which could result in them being distributed in a way that you did not intend to.
- Providing for your loved ones – A Will enables you to provide for your loved ones, such as your spouse, your children, or other family members. You can designate specific beneficiaries and specify the portion of your estate that each will receive. In addition, you can appoint a guardian for your minor children in your Will, ensuring their care and well-being.
- Avoiding family disputes – Without a Will, there maybe uncertainty and disagreements among family members about how your assets should be distributed. A well-drafted Will can prevent disputes and provide clarity on your wishes, reducing the potential for conflict among your loved ones.
- Naming an executor – In your Will, you can appoint an executor who will be responsible for administering your estate and carrying out the instructions outlined in your Will. This person will handle tasks such as inventorying your assets, paying debts and taxes, and distributing assets to beneficiaries.
- Planning for the unexpected – Life is unpredictable, and having a Will in place can provide peace of mind knowing that your affairs are in order. Whether you are young or old, single or married, having a Will ensures that your wishes are known and respected in the event of your passing.
In summary, while it’s advisable to have a Will in place as soon as you become an adult, it’s equally important to review and update it periodically to reflect changes in your life circumstances, relationships, and financial situation.
At Osborne Morris & Morgan we are here to help
If you do not currently have a Will or you would like to update your existing Will (which you should do at least every five years), our Wills Team are experts in this field and know exactly how to word legal documents with no room for confusion or misunderstanding.
Contact our Wills experts today on 01525 378177 or email info@ommlaw.co.uk.
