10 reasons why you should make a Will before you're 40
Whilst we would all hope that we have plenty of time, and that thinking about making a Will may seem like something you do when you get older, the unfortunate reality is that we never know what is around the corner.
Unexpected illness and accidents can and do tragically happen, yet the majority of younger people do not have sufficient measures in place to protect their loved ones and their assets.
Many younger generations make the mistake of thinking that they might not have enough value in assets to make a Will, but there is much more to consider than you may think.
Those in their 20’s and 30’s are more likely to start experiencing key life stages, all of which are important reasons to make a Will. Here we discuss some of the reasons why you should consider making a Will before you are 40.
1. Owning a Property
It is very rare to own your home outright, with most homeowners using a mortgage to purchase a home. Even if you have a mortgage, you will likely still have equity in the property, arising from the deposit which you have paid, to any equity that you build up through monthly mortgage payments.
Any property that you own, either on your own, or with another person, needs to be protected. You want to ensure that in the unlikely event of your death, that the property passes to the right person, as it may not automatically go to the person you would want it to if you do not have a Will in place.
2. Married or soon to be married
If you have recently become married or entered a civil partnership, it is a common misconception that your assets would automatically pass to your spouse or civil partner upon your death. It is therefore important to have a Will in place, ensuring that your assets are left to whom you wish them to pass to, whether this be your spouse, civil partner, or someone else, as it is often not the case that the person, or people, whom you believe would inherit your Estate, actually would.
If you are not yet married, but plan on marrying in the future, you should make a Will to ensure that your preferences regarding how your assets are to be distributed are accounted for. If you are not yet married and pass away without a Will in place, the Rules of Intestacy would determine how your Estate would pass, which would not include your future spouse. You can read more about this here.
Making a Will before marriage protects your future spouse’s interests from now and up to the date of marriage and you have the option to allow your Will to continue to be valid, or not, post marriage.
3. Co-Habiting
It is becoming increasingly common to cohabit with a long-term partner without a marriage or civil partnership. In these circumstances it is even more important to have a Will in place.
If you are unmarried and die without a Will in place, you will be considered to have died intestate and the Rules of Intestacy will apply. You can read more about this here, however, your long-term partner will not be considered a beneficiary of your estate, regardless of the length of time you have been together or co-habited.
It is also a common misconception that where a couple have co-habited for a long period of time, that they are considered ‘Common Law Spouse’. This is a myth and in reality does not exist, hence the importance of making a Will to protect your assets and to ensure that they pass to your long term partner if desired.
The only way to ensure your partner inherits your estate would therefore be to make a Will.
4. Separated
If you have recently separated from your spouse, but are yet to be legally divorced, some, if not all of your assets, may still pass to your ex-partner in the event that you pass away without a Will in place.
It is therefore important to make a Will to include your chosen beneficiaries, otherwise, the law may favour your estranged spouse unless a Will specifies otherwise. Ultimately, your assets could pass to your ex-partner if your divorce is not finalised before your death.
If you are legally divorced, but have not yet made any financial settlement arrangements, you will still need a Will to ensure your estate goes to the people you wish it to.
Lastly, where you are separated but not divorced, making a Will may reduce the risk of future disputes between your ex-partner and other beneficiaries. It is therefore imperative to make a Will where you are separated from your spouse, otherwise your assets may not pass in accordance with your wishes.
5. Starting a family
This stage of your life can be very exciting, no more so than when you start your own family. Many new and young parents will have done all they can to protect their children, but a Will is the one thing that often goes overlooked, and yet can have huge implications for your children if you do not have one.
When you make a Will, you can appoint official guardians for your children, so should the worst happen to their parent(s) you can name who you would want to take care of your children, how the money you leave them is to be used and your wishes for how they are brought up.
It is a common misconception that appointing a person as a ‘god parent’ automatically means that this ‘god parent’ would take custody of their child, or children, on the death of their parent(s). This is wrong and has no legal standing.
Including a guardian provision within your Will, means that you can legally pass on parental responsibility to this person(s), upon the death of the child’s parent(s).
Without a Will in place, it would be for the local authority to determine where your child(ren) live and would ultimately be down to the Court to establish who is to be the legal guardian of the child. This could take a considerable amount of time to resolve, causing unnecessary trauma for your child(ren) during an already difficult time.
6. Blended families
It not uncommon for families to now include children from previous relationships. If you pass away without a Will in place, everything you own may pass to your current spouse and then upon their death, everything may pass to their own children.
If you do not wish this to be the case and wish to ensure that your assets pass to your own children or family, making a Will can protect and uphold your wishes in this regard.
Similarly, if you do not have a Will and you have your own children from a previous relationship, you may pass away before your current spouse, resulting in everything being left to them and then upon their death, they may choose to exclude your children from your previous relationship.
In this situation it is important to have a Will in place to ensure that everyone whom you would want to inherit your Estate, ultimately does.
7. Protect Your Pets
Those who have pets understand how much they mean and how they become a cherished part of your family.
When you die, the fate of your pets largely depends on whether you have made provisions for them before your death. As you will likely want to ensure that they will be looked after and taken care of following your death, a Will allows you to make provisions, including financial provisions, for pets and consider the long-term responsibility of them.
Without having a Will in place, could result in your pets being dealt with in accordance with the law, resulting in them being taken to animal shelter, re-homed or euthanised. To ensure that your pets are cared for in the way that you desire, including provisions for them within your Will is key.
8. Protect your digital assets
Digital assets have become an increasingly important aspect of most of our lives, encompassing everything from our social media accounts to cryptocurrencies.
Digital assets can often hold significant value, whether this be financial value or sentimental value. Deciding how these assets are to be handled and managed, after you have gone, is something that is often, but should not be, overlooked when making a Will. You can read more about what happens to digital assets after death here.
9. Business Interests
If you have an interest in any business, it is key to ensure that you have a Will in place as your Will ensures that your wishes regarding the business’ future are clearly outlined.
A Will can specify whom you would like to carry on, take over and ultimately deal with the business following your passing or determine how business assets are to be distributed.
Having a Will in place helps avoid confusion amongst family members or business partners after your passing. Additionally, having a Will can facilitate a smoother transaction, ensuring that your business can continue to operate efficiently and that your legacy is preserved.
10. It’s easier than you think
Our Private Client department are experts in Will Writing and can advise you on how best way to safeguard your assets and protect the interests of your loved ones.
We offer a free initial consultation to discuss your requirements and because we understand that life is busy and it is not always easy to take time out during standard working hours, our team can also offer out of hours appointments including evening and weekends.
Contact us to protect the future of your loved ones today, on 0330 300 1103.
