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A will can help determine how your money, property and possessions will be distributed once you die. Many of us put off writing a will, because we have no intention of passing away any time soon. But keep delaying it and you may leave it too late.
So just when should you write a will? This post explores some factors to consider, and how you can go about writing a will.
When is a good time to write a will?
Anyone over the age of 18 can write a will. However, few young adults see the need to write a will immediately. Usually, there’s no point in writing a will unless you’ve reached certain milestones. These include:
- Buying a property
- Getting married or entering a civil partnership
- Having kids
To determine whether a will is necessary right now, consider what would happen if you died tomorrow. Would you be worried about your assets going to the wrong people? Would there be squabbles over who is owed what? Writing a will could help to put your mind at ease that your assets are passed down correctly – just in case.
Writing a will should be done before you get too old or ill. It’s important that you have the mental capacity to write a will, otherwise it may not be legally binding (it could be too late to write a will if you’ve been diagnosed with dementia, although it depends how much it’s has progressed).
Do I need to hire a lawyer when writing a will?
You can write a will at home without hiring a lawyer. However, it’s recommended that you get professional legal help when writing a will. A lawyer will make sure that the wording of the will cannot be misconstrued and that appropriate signatures are made to help further protect your wishes. Look for a lawyer that specialises in probate.
What if I want to alter my will?
You can amend or completely rewrite a will at any time – providing you are still of sound mind. If you used a lawyer to write a will, you will likely need to pay to amend the will. Amending a will is recommended if there are major changes of circumstance. This includes:
- Get married or divorced
- Having a child or grandchild
- The death of a beneficiary
What are some other legal measures to consider beyond a will?
There are other legal preparations for the future you may want to take beyond writing a will. This includes:
- Power of attorney: A lasting power of attorney document allows you to appoint someone to manage your finances and property if you become too ill to manage them yourself.
- Living will: A living will is similar to a power of attorney document, but instead allows you to appoint people to specifically carry out medical decisions on your behalf if you become too ill to make such decisions yourself.
A probate lawyer will be able to help you put these legal measures into place. It could be worth implementing these while writing a will so that it’s all sorted at the same time.
Conclusion
You do not need to wait until you are elderly and ill to write a will. In fact, it could be better to write a will earlier in life when you’re certain to be in sound mind. You can amend a will at any time. Consider whether appointing power of attorney or writing a living will could also be worthwhile.
