Thinking about dying might not be pleasant, but death comes to all of us someday, and we need to be as prepared as possible.
Sure, talking about writing a will can seem a bit morbid, especially if you’re still relatively young and healthy. However, the truth is, we have no idea what’s coming our way in life, and if you want to make sure the people in your life are taken care of, and you leave the things you want to the people you want, you need to have a will in place. But when do you actually need to do this?
1. When you acquire significant assets
If you’ve worked hard to build up assets like property, investments, or other valuable belongings, you need to make sure those things go to the right people. A will helps ensure that these items are distributed according to your wishes and reduces the risk of any squabbles. When your assets start growing, it’s time to think about how you want them to be handled when you’re gone.
2. When you get married or enter a civil partnership
Getting married or entering a civil partnership is a big change, and it also affects how your estate is handled. You’ll want to write a will that includes your spouse or partner, so there’s no confusion about shared assets or your wishes if something were to happen. A will ensures that your partner is legally included and helps prevent any future misunderstandings.
3. When you have children or dependents
This one’s a no-brainer. If you have kids or dependents, you need to make sure there’s a clear plan for who will care for them if you’re no longer around. Without a will, the court decides who gets custody, and that may not be who you’d want. A will gives you the power to choose guardians, ensuring your kids are looked after in the way you would have wanted.
4. When you experience a major life change
Life happens, and sometimes that means big shifts—whether it’s a divorce, the death of a close relative, a significant financial change, or any other major event. These moments might affect how you want your assets divided or who should get what. After any major life change, updating your will is important so that it reflects your current situation and preferences.
5. When you own a business
Owning a business makes things a bit trickier. If you pass away, you want to make sure your business is in good hands, and your wishes regarding its continuation are clear. A will can help ensure that ownership is transferred smoothly, avoiding confusion among partners, employees, or family members. Don’t leave the future of your business to chance.
6. When you want to reduce inheritance tax liability
Inheritance tax is a tricky subject, but with proper planning, you can reduce how much your heirs are taxed when they inherit from you. By writing a will, you can arrange your estate in a way that minimizes this financial burden. Provisions like trusts, gifts, or charitable donations can help reduce the inheritance tax, saving your loved ones money down the line.
7. When you have specific wishes for your funeral or legacy
A will isn’t just for dividing up assets—it’s also the place where you can specify what you want for your funeral, burial, or any legacy items. Maybe you want your ashes scattered somewhere special or a certain charity to benefit from your estate. Having this written down ensures that your final wishes are followed, sparing your loved ones from having to make tough decisions while grieving.
8. When you want to make charitable donations
If you’re passionate about certain causes, leaving a portion of your estate to charity can be one of the most meaningful things you do. A will allows you to specify exactly which charities you want to benefit from your legacy and how much you want to donate. Whether it’s a fixed sum or a percentage of your estate, a will ensures that your charitable contributions go exactly where you want them to.
9. When you want to avoid family disputes
Family dynamics can get messy, especially when money and property are involved. A clear, legally binding will helps prevent misunderstandings or conflicts among your family members after your passing. It ensures that your assets are distributed as you see fit, reducing the risk of legal battles or hurt feelings among those left behind.
10. When you want peace of mind
At the end of the day, writing a will simply gives you peace of mind. Knowing that your affairs are in order and that your loved ones will be taken care of can reduce anxiety about the future. It also gives you confidence that your wishes will be respected, your assets will be managed the way you want, and your legacy will be protected.
