Writing a will isn’t something many people like to think about. Considering the end of our lives or what our loved ones will receive when we are gone can be sad. However, wills are an essential part of making sure your wishes are stuck to once you have passed. Many of us might not think about writing a will at a young age, however, if you have a significant amount of money or assets, it’s important to have one.
Here’s when you should consider writing a will.
Many people may think it is too early to write a will at 18. However, this is the legal age at which anyone is able to write one. You likely already have assets to protect at this age such as a car, savings, a child or maybe even a house. By getting ahead of the game at 18, you can protect your assets and make sure your loved ones are looked after should something happen to you. However, you will need to remember to update your will often as your life can change a lot between the ages of 18 and 30.
If something has changed regarding your finances, it’s important to write a will. Perhaps you have inherited a large sum of money, bought a house or invested in a car. In order to protect these, you should make sure you have a will. You don’t want them to fall into the wrong hands after your death.
If you have children, now is a very important time to write or update your will. If you were to die without a will, your children would usually end up with some of your estate. Typically, the spouse is legally entitled to £270,000 of an estate and anything left after this will be split between the spouse and children. It’s important to make sure your will includes your children if you want them to receive a certain amount, as without a will they may not end up with much.
If you marry or remarry, your previous will becomes null or void, so it’s important to write another one. Also, if you get divorced, you will need to change your will if you no longer want your ex-partner to receive your assets.
Are you looking for help writing your will? Almy & Thomas are solicitors in Torquay available to offer will assistance. While you may not have thought about your will yet, if you relate to any of the situations mentioned above, it may be time to contact will-writing solicitors.