logo
logo
Sign in

When Is the Best Time to Write a Will?

avatar
Sharon Willis
When Is the Best Time to Write a Will?

Writing a will is something that many people do when they get older. It ensures that if anything happens to them which leads to their death, their belongings will be divided among the people they want to have them. You might be wondering when is the best time to write a will. Should you wait until you get to a certain age? Or should you write one sooner so you can dictate where your assets go upon your death? We look at common times when people choose to write a will and when they amend their will to be suitable for a change in circumstance. 

When you acquire assets 

A typical time people choose to write a will is when they’ve acquired substantial assets such as a house or if they’ve won a large sum of money. This acquisition often makes people consider who they’d like to have their assets when they die. Mortgage providers can also prompt home buyers to consider writing a will. They often have recommendations about who to use and can give you a discount if you use an affiliated company. 

When someone passes away

When someone close to you passes away, it often reminds you of your own mortality. The shock and grief can lead you to plan for your own death. A will can put your mind at ease, knowing that if anything happens, your assets will be given to the people you care about the most. In addition, you might receive some money when a relative or family member passes away; this additional money is a new asset that you may want to protect in the event of your death. 

Having children or grandchildren

When people have dependents such as children or grandchildren, it often encourages them to make a will to ensure their dependents are well looked after. When creating a will, make sure you let your dependents know where the details are kept and how they can access the will. This will help to ensure that your money goes to those you’ve named in your will. If your dependents can’t find a will, the rules of intestacy will apply, and they may need to buy will insurance if they’re in doubt and suspect you have a missing will. This stops the money from being shared out in your preferred way. 

A diagnosis or illness 

Many people are confronted with the reality of mortality when they’re diagnosed with a disease or illness. The illness or disease doesn't need to be life-threatening for you to consider your own mortality, but it can prompt people to want to create a will in preparation for the future. However, waiting until you’re ill isn’t the best idea, as some illnesses will impact your mental ability. The solicitor creating the will must be sure that you have the testamentary capacity to create a valid will. If there are doubts about your testamentary capacity, you’ll need to get a medical opinion before your will can be considered valid. 

Being an executor 

If you’ve been an executor of a will and come into difficulty tracing the beneficiaries of the will or you’ve had to use genealogists to map out a family tree, you’ll know how much this can cost. This might encourage you to create a valid and well-written will that’s completely unambiguous. That way, more of your estate will be given to the people named in your will, and they won’t have to pay extra costs to track any potential beneficiaries down. 

Updating your will 

Creating a will that mentions a statement such as “all of my grandchildren” can lead to issues upon your death. Your executor may need to use the services of a genealogist to ensure all of your grandchildren are located and accounted for. To avoid additional costs, you should name your beneficiaries clearly in your will and keep up-to-date contact information for them. If you have more children or grandchildren in the future, make sure you change your will to name them specifically. This will make it much easier for the executor of your estate when it comes to sharing out the money and belongings you’ve left behind.

Resources:

collect
0
avatar
Sharon Willis
guide
Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more