At what age should you consider writing a will?

Rachael Matthews - 30 Jan 19

Nobody likes thinking about their own death, but we’ve all got to come to terms with the fact that, unfortunately, it’s inevitable. It’s easy to try to avoid the subject for as long as possible, but what if the unthinkable were to happen sooner rather than later? As reluctant as you may be to plan, it’s often best you do so, not just for your own peace of mind, but also for those closest to you. So, at what age should you think about writing a will? Companies such as Beyond can help you to understand the process a lot better, but here are a few things to take into consideration first.

Why is it important to write a will?

Writing a will is your way of telling people what you want to happen with your money and possessions after you’ve passed away. Whether there are specific people that you’d like your money to go to, specific people who you don’t want your money to go to, or perhaps a particular charity that you’d like to donate a sum of money to, writing a will is your way of making sure that all of this is properly taken care of. Put simply, if you don’t make a will, you have no say as to what happens to your assets once you’re gone; the law will decide.

What should be included in your will?

It is possible to write a will yourself, but it’s always best to seek legal advice and you also need to get your will validated. Plus, there are a number of things you need to make sure you include.

You should first prepare a list of everything that makes up your estate, which includes all your assets, accounts, policies and everything you owe, as well as what you own. You need to consider any provisions for financial dependents and name any beneficiaries that are to get a share of your estate. Don’t forget to say how you want things to be shared out, whether it be a specific sum of money each, a particular possession or a percentage of the overall estate.

You also need to name an executor – the person who’s responsible for settling your outstanding debt and distributing what remains to the beneficiaries. Make sure all your wishes are clearly expressed in your will, so that everything is dealt with exactly how you wish.

Finally, store your will in a safe place, such as at home or with a solicitor and don’t forget to tell the executor where it is.

When should you write your will?

Anyone over the age of 18 who has a proper understanding of the purpose of a will can write one. But usually, certain things occur that make you start thinking more about the importance of getting your will made. Big life events such as buying a house, getting married, having children or starting a business should all trigger you to meet with a professional and discuss making a will. Even something such as losing someone close to you, or being diagnosed with an illness yourself, can make you take the steps towards getting one sorted.

If you’ve experienced any of the above events and haven’t yet written a will, now’s the time to consider doing so. Or, if you’ve already written one but your circumstances have changed, then don’t forget to review and amend your will every five years.

In conclusion, there’s no set age that you need to have made a will, but it’s better to be safe than sorry and have something in place.

Rachael Matthews

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