When should I write a Will?

Writing a Will is an important part of planning for the future, ensuring that your assets are distributed according to your wishes after you pass away. Many people delay writing a Will, often thinking it’s something to do later in life.

Here’s a guide to help you understand when you should write a Will:

 

Reaching Adulthood

In the UK, you can write a legally binding Will from the age of:

• 18 years old in England, Wales, and Northern Ireland.
• 12 years old in Scotland.

While young people often forget about estate planning, it’s a good idea to consider creating a Will if you have assets, savings, or specific wishes for how your possessions should be handled. If you’re in a committed relationship or own property early on, it’s wise to ensure that your loved ones are cared for in the event of your death.

 

Getting Married or Entering a Civil Partnership

Marriage or entering a civil partnership has a significant impact on your Will. In most cases:

• Any previous Will is automatically revoked (cancelled) when you marry unless it was specifically written in contemplation of marriage.

After getting married, it’s essential to write a new Will, even if you intend for your spouse to inherit everything. A Will helps to formalise your wishes and avoid any complications or disputes in the future.

 

Starting a Family

Having children is one of the most important reasons to write or update your Will. As a parent, a Will allows you to:

• Name guardians for your children: If both parents pass away, you can appoint guardians in your Will to ensure that your children are cared for by someone you trust.
• Provide financially for your children: You can set up trusts to manage their inheritance until they reach adulthood or a specific age.

Without a Will, the court will decide who takes care of your children, and intestacy rules may not allocate your assets as per your wishes.

 

Buying Property or Acquiring Assets

Have you purchased your first home, started a business, or accumulated other significant assets, writing a Will becomes crucial once you own valuable property. A Will ensures that:

• Your property is passed on according to your wishes.
• You can plan for any inheritance tax implications and ensure your beneficiaries receive the maximum benefit.

If you own property jointly with someone, it’s also important to understand how it will be inherited upon your death, which may depend on whether you own it as joint tenants or tenants in common.

 

Significant Changes in Financial Circumstances

If you experience a major change financially, such as receiving an inheritance, winning a large sum of money, or selling a business, it’s important to write or update your Will. This ensures that your newly acquired wealth is distributed according to your wishes and that your estate is managed in a tax-efficient manner.

 

Divorce or Separation

If you get divorced or separated, your Will may need to be updated. In the UK:

• Divorce: Upon divorce, any provision in your Will for your ex-spouse is revoked, meaning they will no longer inherit unless specified otherwise.
• Separation: If you are separated but not legally divorced, your spouse may still inherit under the terms of your existing Will or intestacy rules. Updating your Will is crucial to reflect your new circumstances and ensure that your assets go to the right people.

 

Starting a New Relationship

If you enter a new relationship, especially if you are cohabiting with a partner, it’s vital to consider writing or updating your Will. In the UK, unmarried partners do not have automatic rights to inherit unless explicitly stated in a Will. This means that, without a Will, your partner could be left with nothing, even if you have been living together for years.

A Will ensures that your partner is provided for and receives any specific assets you wish to leave them.

 

Health Concerns or Ageing

Facing health concerns or the natural process of ageing normally prompts people to write or update their Will. If you are diagnosed with a serious illness or condition, it’s important to ensure that your estate is in order, particularly if there are specific individuals you want to provide for or if you have complex financial arrangements.

It’s also worth considering setting up a Lasting Power of Attorney (LPA) alongside your Will, which allows trusted individuals to manage your finances or make health decisions on your behalf if you are no longer able to do so.

 

After the Death of a Beneficiary or Executor

If someone named in your Will, such as a beneficiary or executor, passes away, you should review your Will to make any necessary changes. You may need to:

• Appoint a new executor.
• Reallocate assets that were meant for the deceased beneficiary.

Ensuring your Will is up to date prevents confusion or unintended consequences for your estate.

 

Regular Reviews (Every 3-5 Years)

Even if there have been no major life changes, it’s a good idea to review your Will every 1 to 3 years. This helps ensure that it still reflects your current wishes and takes into account any changes in tax laws or personal circumstances. Life can change unexpectedly, and regular reviews help keep your wishes aligned.