Invest Daily Pro
  • Economy
  • Investing
No Result
View All Result
  • Economy
  • Investing
No Result
View All Result
Invest Daily Pro
No Result
View All Result
Home Economy

When Should You Get A Will?

by
October 23, 2024
in Economy, Investing
0
When Should You Get A Will?
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter

Last Updated on:

A will is a legal document that details how you want your assets and affairs to be managed and distributed after your death. Despite its importance, many people delay or neglect making a will. While it’s often associated with older age, there are many life events and circumstances that make having a will essential, regardless of your age. So, when should you get a will?

Turning 18 and Gaining Independence

Once you turn 18, you are legally recognised as an adult and have control over your own decisions, including your estate planning. While most 18-year-olds may not own substantial assets, having a will can still be beneficial. If you have savings, personal possessions, or digital assets, a will provides a way to specify what should happen to them if the unexpected occurs.

Starting Your Career and Acquiring Assets

As you begin your career and start building your financial future, you may acquire assets such as a car, savings, or even property. At this stage, creating a will ensures these assets are passed on according to your wishes. Many people assume that small estates don’t need a will, but without one, the distribution process can become complicated, with the state deciding who inherits your belongings. If you are acquiring assets, then it is a good idea to enlist will writing solicitors. 

Getting Married or Entering a Civil Partnership

Marriage or a civil partnership is a major life milestone that often involves combining assets and responsibilities. In the UK, any previous will you’ve made becomes void upon marriage or civil partnership unless it explicitly states otherwise. Therefore, updating or creating a new will to reflect your current situation is crucial, ensuring your partner is adequately provided for. Without a will, your spouse may not inherit everything, as laws vary depending on the value of your estate and the presence of other family members.

Becoming a Parent

Having children is perhaps the most significant reason to create a will. In addition to specifying how your assets should be divided, you can name a guardian for your children in the event that you and your partner pass away. This decision ensures that someone you trust will be responsible for your children’s upbringing. Furthermore, you can set up trusts or create stipulations regarding when and how your children inherit your assets, which can be essential for their future well-being.

Acquiring Substantial Assets or Investments

A will becomes increasingly important as you accumulate wealth, property, or investments. These assets require clear instructions for distribution, especially if they are complex or involve multiple parties. A well-crafted will can help reduce potential inheritance tax liability and avoid legal disputes among beneficiaries.

Divorce or Relationship Breakdown

When a relationship ends, whether through divorce or separation, your will should be updated to reflect the change in your circumstances. While divorce in the UK nullifies any bequests to a former spouse, it’s wise to formally change your will to ensure your assets are distributed according to your new wishes. In cases of separation, your former partner may still be entitled to a share of your estate, so updating your will is essential for clarity.

Approaching Retirement or Diagnosed with a Serious Illness

Creating or updating a will becomes even more pressing as you approach retirement or face a serious health condition. By having a current will, you gain peace of mind, knowing your affairs are in order, and your loved ones will be taken care of. This is particularly important if you own a business or have complex financial arrangements.

Final Thoughts

There is no perfect age or time to create a will, but certain life events make it essential. Whenever your life changes significantly, it’s time to consider making a will or updating an existing one. A will is not only for older adults or the wealthy—it’s a practical step to safeguard your wishes, protect your family, and provide peace of mind, no matter your stage of life.

ShareTweetPin

Related Posts

Blue Lagoon’s Dome Mountain Joins BC’s Select List of Permitted Projects
Investing

Blue Lagoon’s Dome Mountain Joins BC’s Select List of Permitted Projects

June 2, 2025
Harmony Gold to Acquire MAC Copper in US$1.03 Billion Deal
Investing

Harmony Gold to Acquire MAC Copper in US$1.03 Billion Deal

June 2, 2025
Editor’s Picks: Gold Faces Bumpy Week on Trade Tensions, Platinum Stages Breakout
Investing

Editor’s Picks: Gold Faces Bumpy Week on Trade Tensions, Platinum Stages Breakout

June 1, 2025
Top 5 Canadian Mining Stocks This Week: Adyton Sparkles with 97 Percent Gain
Investing

Top 5 Canadian Mining Stocks This Week: Adyton Sparkles with 97 Percent Gain

May 31, 2025
NVIDIA Rallies After Strong Q1, AI Demand Outshines China Export Hit
Investing

NVIDIA Rallies After Strong Q1, AI Demand Outshines China Export Hit

May 31, 2025
CDX May Investor Presentation
Investing

CDX May Investor Presentation

May 30, 2025
Next Post
Former Newell Brands CEO Michael Polk: How a Strategic Corporate Move Reshaped Newell Brands

Former Newell Brands CEO Michael Polk: How a Strategic Corporate Move Reshaped Newell Brands

Recommended

CoA, ADB meet to strengthen audit of foreign-assisted projects

CoA, ADB meet to strengthen audit of foreign-assisted projects

November 26, 2024
S&P raises PHL outlook to ‘positive’

S&P raises PHL outlook to ‘positive’

November 26, 2024
Business secretary under fire over delayed talks as Vauxhall confirms Luton closure

Business secretary under fire over delayed talks as Vauxhall confirms Luton closure

December 16, 2024
Study Reveals Tunisia’s Democratic Stability Threatened by Struggling Economy

Study Reveals Tunisia’s Democratic Stability Threatened by Struggling Economy

September 30, 2024
New ‘ReClassified’ designs by McDonald’s aim to transform public school spaces

New ‘ReClassified’ designs by McDonald’s aim to transform public school spaces

December 9, 2024
Final Round of German Government’s Digital Identity Wallet Innovation Competition Features Lissi GmbH

Final Round of German Government’s Digital Identity Wallet Innovation Competition Features Lissi GmbH

December 12, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 InvestDailyPro. All Rights Reserved.

    Disclaimer: InvestDailyPro.com, its managers, its employees, and assigns (collectively InvestDailyPro ) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    No Result
    View All Result
    • About us
    • Contact us
    • Home
    • Privacy Policy
    • Suspicious engagement
    • Terms & Conditions
    • Terms & Conditions
    • Thank you

    Copyright © 2024 investdailypro.com | All Rights Reserved