No one wants to think about death and so people have a tendency to put off planning for it. However, failing to make a will can be a big mistake. If you’re wondering when the best time is to create one of these legal documents, take a look at the following guide.
The sooner the better
As a general rule, when it comes to making wills, it’s a case of the sooner the better. There’s no reason to delay this process either. Expert solicitors like those at The Law House can make the process quick and simple.
Bear in mind that if you die without having a will in place, certain rules will dictate how your money and property is allocated. This may not be the way you would have wanted it to happen. Why go to the effort of building up wealth throughout your life only for it to end up in the wrong hands?
Also, note that if you’re not married or in a civil partnership, your partner cannot inherit from you in the absence of a will. In addition, if you fail to create a will giving clear instructions for the allocation of your estate, you increase the risk of confusion and disagreements between your family. All too often, relatives fall out because there is a lack of clarity in terms of how estates should be divided.
It’s also important to consider tax. By being savvy and taking heed of expert advice when you create your will, you may be able to reduce the amount of tax payable on your estate.
The importance of creating a will becomes even greater in the wake of specific life events. For example, if you’ve recently bought your first home, it’s prudent to create one of these documents. After all, unless you have a 100 per cent mortgage, you will have some equity in the property and therefore something to leave behind. You will also have the contents of your house or flat to consider.
Having kids should also bring the importance of your will into focus. As well as providing for them financially, you’ll have to think about who would become guardians of your children if you and your partner both pass away.
Getting married is another key milestone. If you tie the knot with a partner or enter into a registered civil partnership, this will make any previous will you have drawn up invalid.
Peace of mind
Resolving to make a will can be difficult, but the process may be more straightforward than you think. Also, once you’ve done this, you can benefit from greater peace of mind. None of us can predict what the future holds, but by taking control of the future of your estate, you can ensure you have one less thing to worry about.