Wednesday 2nd January 2019
When is the right time to make a Will?
Most of us are well aware of the importance of making a Will, yet the question of when we should make a Will is often left unanswered.
Understandably, it is often difficult to consider what might happen to our assets and our dependants when we die. However the only way to ensure that your wishes are carried out when you die is by making a valid Will. Find out about Sequacity’s Will Writing service here.
You can make a will any time after you turn 18 years old but the age at which you make a Will is most likely to depend on individual circumstances. There are a number of life events which can be used as reasons to make or alter a Will.
Becoming financially independent
Becoming financially independent is one of the first life events that may lead to making a Will.
If an unmarried person without children dies without writing a Will, their assets will go to their parents (or to other family members if there are no living parents). Often, this is sufficient when a person is still financially dependent on their parents.
However, once you become financially independent and acquire assets of your own, there may be other people or groups you would like to leave those assets to.
Marriage, a civil partnership or recognising that a couple is in a long term relationship often leads to the need to make or re-write a Will.
This allows you to consider how your assets will be handled and how you would like to provide for your spouse.
This is especially important for those in a long term relationship who are not married but own a house together or have any other joint assets. Without a valid Will in place, those assets may not be handled in line with their wishes.
When you have children it is vital that you review your Will to include arrangements for them. You will most likely have two main concerns, who will look after your children and what assets will be available to provide for their welfare.
A valid Will enables you to set out a plan for both of these concerns. You can use your Will to appoint guardians for your children and set aside money or other assets (possibly by way of a trust) for the benefit of your children.
It is vitally important to make a new Will after re-marrying. Any prior Will (other than one which has been made in anticipation of the new marriage) will be automatically revoked.
Ensure your Will is valid and up to date
If you have any questions or would like to discuss your circumstances with us, call 0330 010 8370 or complete the online contact form here.