When is the Right Time to Write a Will
A Will is something we should all consider but how do we know when to write it?
Our entire life is governed by time. We put a time on our work patterns, we put an age on when we enter adulthood and we say that life begins at 40. In life, there are many things that don’t have an age alongside them such as when you should purchase your first home or when you should take out life insurance. These are milestones that we all aim for in life and most of us hit them, but nobody ever tells you when you should write your Will.
Is a Will something you should write when you reach your 40s or is it something that you should do once you become grandparents? Maybe you think you should wait until you are retired and know what you are worth?
The reality of the situation is that your Will has no link to age in any way, shape or form. To gain a clear understanding of when to write your Will, you have to understand what it will stand for and what its purpose is.
Having children gives you a really good reason to create a Will, especially when it comes to choosing legal guardians for them. If you own your own home, your Will should clearly state who you want it to pass to when you pass away. While the same can also be said for any money that you have in the bank. If you are not married, but in a relationship then you need to understand that your partner will have no rights should anything happen to you and if you do not have a Will in place. Therefore, creating a Will ensures that you secure their future financially.
So, when is the right time for YOU?
To find the answer to this question, you should consider what you have and what you consider is worth protecting. When you start to think about what assets you have you might be surprised. Imagine if you left it to chance that these assets would pass to who you want them to go to? The truth is, there are millions of adults in the UK who don’t have a Will. The number is at an all-time high of 31 million. Each one runs the risk of passing away without ever putting a Will in place. That is a significant figure, but it doesn’t need to be that high as it is so easy to put a Will in place.
It actually takes very little time to write a Will and it could not be any easier. Just ensure you seek professional assistance so that you know your wishes will be legally binding. Don’t base writing your Will on milestones, or your age, base it on what you have to protect and how important that is to you. Only then will it become clear that you need a Will.