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When Should I Consider Making a Will?

When Should I Consider Making a Will?

Making a Will is vital in managing your estate and ensuring that your assets are distributed according to your wishes after your death.

It’s a common question to wonder, “When should I consider making a Will?” The legal and financial implications of not having a Will can be significant, so staying on top of this is essential.

This blog will explore the importance of making a Will, the costs involved, and key considerations.

The Right Time to Make a Will

You can make a Will any time after turning 18, but only 55% of the over-55s have one. Some simply don’t get around to making a Will, whereas others assume it’s not worth it for their estate.

The truth is, everyone benefits from making a Will. Even if your estate is small, a Will provides assurance and direction on how your estate will be distributed.

It saves loved one’s time and reduces the workload involved in administering the estate and dealing with legal obligations.

Here are three scenarios where you should certainly make a Will:

  • Major Life Events: The best time to make a Will is typically during or after major life changes. This includes moving in with a partner, getting married/entering a civil partnership, having children, acquiring significant assets like property, or receiving an inheritance. These events often change your financial and personal circumstances, making it crucial to ensure your Will reflects your current situation and wishes.
  • Legal Age: You can make a Will once you turn 18. Young adults, especially those with assets or dependents, should consider creating a Will to protect their interests and those of their loved ones.
  • Health Considerations: If you have health concerns or are facing a serious medical procedure, it’s prudent to prepare a Will. This ensures your wishes are known and can be followed in case of unexpected circumstances.

Benefits of Making a Will

Making a Will yields many benefits.

For you, it offers peace of mind that your estate will be managed according to your wishes.

For those inheriting your estate, it provides clear guidance on how you want your assets, property, etc, to be divided.

Here are the leading benefits of making a Will:

  • Control Over Your Estate: A Will ensures your assets are distributed according to your wishes. Without a Will, your estate will be divided according to the rules of intestacy, which might not align with your personal preferences.
  • Protection for Your Loved Ones: A Will allows you to appoint guardians for your children and make specific financial provisions for their future.
  • Minimising Legal Complications: A clear, legally valid Will helps avoid disputes among family members and reduce the potential for legal challenges.
  • Tax Planning: A well-planned Will can help minimise inheritance tax liabilities, ensuring more of your estate goes to your beneficiaries.

How Much Does It Cost to Make a Will?

For situations, such as blended families or property protection trusts, seeking professional help is advisable. The cost of a Will is typically between £200 and £500 depending on the complexity. Complex situations such as owning property overseas or having a large estate can increase the cost.

Final Thoughts

Making a Will is a critical step in managing your personal affairs and safeguarding the future of your loved ones.

You should make your first Will when you have assets you want to give to specific people.

Remember, without a Will, you have no control over who inherits your estate – the Law will decide.

The cost of making a Will can vary, but investing in professional advice is often worthwhile to ensure your Will is effective, valid and meets you aims and wishes.

Contact Batt Broadbent to learn about our professional Will writing services.

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