When is the right time to make a will?

It’s easy to assume you should start thinking of making a will when you reach retirement age, but it could be beneficial to start thinking of getting a will drafted much younger. Although you must be at least 18 years old to make a legally valid will, the average age people make a will in the UK is 58.

Making a will is often dictated by life events such as marriage, having children or purchasing a property. Although it is important to plan for the future and protect your interests, there is no reason why you shouldn’t have an up-to-date will in place before such events.

Making a will once you purchase a property.

When purchasing property, it is advised that you have an up-to-date will to show who should benefit from your estate. Buying a home is one of the most significant purchases we make in our lifetime, so you should cover this interest within your will. This is particularly important if you purchase a property with someone else.

How you own the property, either joint tenants, or tenants in common, will dictate who inherits your share of the property. If owned jointly, the surviving party will automatically inherit your half of the property. If owned as tenants in common, depending on your distinct shares, your share does not pass to your partner automatically but instead forms part of your estate and will pass according to your will.

How marriage, re-marriage, and divorce may effect existing wills.

Any existing will you may have is revoked on marriage. It is crucial that you make a new will and think about your current estate and provisions and how you would like your up-to-date will to reflect your relationship.

If you are re-marrying, it is also important to consider how your estate is divided so your estate passes on in accordance with your wishes. Your new partner could automatically inherit the majority of your estate when you die unless you make a will stating otherwise. If you have children from a previous marriage, they could inherit very little, which may differ from how you wish your estate to be divided. It is important to have an up-to-date will disclosing your wishes to prevent family disagreements or contesting a will.

Getting a divorce does not automatically revoke a will, and it is likely that, following a divorce, you will want to change how your assets are divided. It is crucial to review any current will you may have to ensure it represents your wishes accurately.

The importance of making a will when you have children, or grandchildren

Making a will is not only a means of leaving financial gifts to your children but also allows you to choose who will look after your children should you pass away before they are 18. Appointing testamentary guardians ensures your children will be cared for by someone you trust. A will also allows you to specify what assets you wish to give to your children to ensure they are provided for.

If you wish to leave assets to grandchildren, it is wise to set up a wills trust to ensure any financial assets are only passed down when they are old enough to manage the asset. The normal age is 18. We advise you to obtain inheritance tax advice to choose the right trust for you.

Contact our wills and probate team.

Our private client solicitors take the time to get to know you personally before providing tailored solutions to meet your specific needs. Providing you with not just a will, but with peace of mind also.

We have offices in Brighton, Eastbourne, Hastings, London, Uckfield, and Ulverston, and we serve clients across the United Kingdom.