The best part of getting older is that you get to relax a bit more. There are a number of steps that you will take to make your golden years the most comfortable time of your life. While most people will consider retirement and settling down somewhere new, there is another important step that you should start thinking about. That step involves writing a will.
Discussing this type of documentation does not present you with the most cheery of subjects, but you will be thankful you did once you have put all of your affairs in order. Estate planning books make clear that financial planning is a pro-active subject and requires the consideration of difficult questions ahead of time.
So, when should you start thinking about creating a will? When is the best time to create a will?
Retirement
The most common time for a person to start writing a will is once they have given up work and retired. Some might think that this choice has something to do with age, but there is an even more valid reason to plan your will at this stage.
Once retired, you will have a good idea about how much money you have saved and the amount that you are going to receive in the form of a pension. What’s more, you will have accrued a majority of the significant possessions that you want to pass on.
This period in a person’s life provides a good overview of your estate; therefore, it becomes much easier to divide amongst your family.
Marriage
Another key time in your life that you may want to use as the catalyst for leaving a will is when you get married.
Marriage is a tradition that joins two people in love but it also combines them in the eyes of the law. Any further possessions and finances gained after marriage is shared, which means that you may want to analyze your joint estate together.
Doing so can give you a new perspective on the things that you own, plus, your spouse is likely going to be the most important person in your life, making them your next-of-kin. If you don’t want them to receive your entire estate for whatever reason, you can express so by writing a will.
It is also a good idea to think about your will in the event of a divorce or remarriage based on the information above.
Having a child
Now, why would someone not want their spouse to receive their entire estate if they pass on? One possible reason could be that they have brought a new person into the world.
They say that having a child can change your entire perspective on life, and that statement is made true by the number of people that choose to take care of their will after the birth of their first child.
You still want to make sure that your child is taken care of, even after you die. That is why it is a good idea to leave them some of your financial estate or valuable possessions.
Unfortunately, you are probably going to need to change this will if you have more children; however, it is always a good idea to plan ahead and get your will in place, as will experts Elm Legal Services are eager to highlight. You never know what might change in this time, and it is easy to make these adjustments with wills online.
New property
Another significant change in life comes from the acquisition of property. Buying a house is a huge purchase and requires significant financial trust from a bank. These new purchases greatly affect the value of your estate and act as a further possession to leave behind for a loved one.
While you are paying a lawyer to oversee the property transaction, it may also be a good idea to have them look at your will. If you don’t make your wishes for your property known, it could be seized by the bank upon your passing. By naming a new owner, they can make decisions about who lives on the property.
Owning a business
Starting a successful business takes a lifetime’s worth of work and you will want to keep this operation running well after you have passed. A good way to ensure that your business is in good hands is by naming an heir, or several heirs, in your will. Then you could pass on a millionaire legacy to your loved ones.
There are many intricacies in business law that make it difficult to leave your business to someone else. For example, you may want to leave your business to a colleague that understands the business but share some of the profits with your spouse or children. That is why it is a good idea to draw up a will that clearly relays your wishes. While you are at it, you may as well start dividing all of your assets.
When you turn 18
The legal age of adulthood in the UK is eighteen, which means that it is entirely possible to draw up your living will at this age. However, it is likely that you don’t have a very large estate at this age, let alone the ability to afford the legal guidelines for such a task.
Still, there is no harm in planning ahead and getting your affairs in order early.
In summary, there isn’t a bad time to start thinking about writing a will. Just make sure your wishes are clear and you have good legal counsel.