When do I need to make a Will?

Article

16 June, 2009

I am quite young but have substantial financial assets. Is it necessary for me to create a Will? When do you think it would be a good time to set up a Will in any case, what is the general age we should be thinking about it?

Anyone over eighteen can make a Will to ensure that their property passes to who they want it to, whether loved ones, charities or other organisations. It is also an opportunity for you to ensure that property passes in the most tax efficient way.

If you have substantial wealth it is particularly important to seek out professional advice to ensure your Will reflects your wishes. This is regardless of your age. If you do not have a Will, your estate will pass in strict accordance with the Intestacy Rules, where the law will decide who your assets are passed down to.

Our Wills, Probate, Tax and Trusts Solicitors will help you tailor your Will to your exact circumstances, ensuring that you identify the appropriate people to administer your estate (your Executors) and deal with other important matters, such as the appointment of trustees and guardians for your children and your funeral wishes.

You will be encouraged to consider what provisions you have made for all your loved ones. Maybe extra measures are necessary to protect some beneficiaries' interests. You can appoint trustees to manage the entitlement of those with special needs. However, being younger you might want to keep things simpler for the time being. This is entirely up to you; it is your life and your Will.

Do not forget that you can make more than one Will during your lifetime, and many people do. Regular review means that your Will can be kept up to date and take account of significant events in your life such as getting married/civil partnered, having children, purchasing property, divorce, maybe even receiving an inheritance or other windfall yourself. Your priorities and wishes will change so make sure your Will changes with you.

For further information about writing a Will please contact our Wills, Probate, Tax and Trusts Solicitors on freephone 0800 975 2463 or by email today.

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