Writing a Will - everything you need to know
Most people who write a Will are over 50, but you don’t have to wait until that age. In fact, anyone can write one as soon as they turn 18, presenting you with plenty of opportunities throughout life.
Buying a home
When you buy a home, the value of your estate will change. So you may want to revise how much you are leaving to beneficiaries, or who you want the property to go to once you die.
It is worth noting what would happen if you own a home with someone else. If you are a joint tenant, full ownership of the home will pass automatically to the other tenant(s) if you die. This means you cannot leave your share to someone else in your Will.
However, if you are tenants in common, meaning that each person owns a share of the home, then if you die your share is not automatically passed to the other owner. This means you can leave your share to someone else in your Will.
Getting married or divorced
If you are newly married, you should consider writing a Will to ensure your partner is looked after the way you want them to be.
Likewise, if you have a Will and get divorced, it is a good idea to rewrite the Will to reflect your wishes regarding how your estate should be distributed.
It is also important to understand that if you had a Will before you were married, it would be revoked automatically unless specific conditions are met.
Having children
If you have children aged under 18 years old, you should write a Will to ensure you choose who your children’s guardians will be. If you don’t make one, legislation will decide who looks after them.
You should also think about amending your Will once your children enter adulthood, as you may want one of them to be executor of your Will, or you may want to reflect their wishes. A good example of the latter is when one of your children wishes to inherit the family business.
Starting a business
Have a business? In your Will, you should include instructions on who should manage your business when you die. If you die without making a Will, the rules of intestacy will apply, meaning your business assets will be distributed to your family.
This may seem like a good thing, but if your business goes to a family member who had no desire to take over the management of it, this could have a negative impact on them. After all, by taking on the business, they are taking on important responsibilities, such as managing staff and making tough business decisions.
Accumulating money
An appropriate time to write a Will might be when you begin accumulating money. Writing a Will ensures your money is distributed to the people you want it to go to, instead of the rules of intestacy deciding where that money goes.
It’s been a while
Quite simply, if you last wrote a Will a long time ago, it is a good idea to update it. It is recommended that you update your Will every five years. If you need any guidance on Will writing, visit our how to write a Will page.
