The second-best time to make a will, or update an existing will, is when your circumstances change. Consider writing a will when your life, finances, or family situation shifts in a meaningful way.
You’ve had a financial windfall
Most people have some savings, and if that is the case, you will likely want to decide what happens to that money when you die. After all, you want to make sure your family, friends, or charities close to your heart are provided for.
This becomes even more important if your financial position changes significantly through inheritance, a major job promotion, or even a lottery win. A change like this can affect who your beneficiaries are and how much you would like each of them to receive.
You own a property
Property is often the largest and most valuable asset a person owns. Whether you have inherited a home, bought one, or moved house, it is worth thinking about what should happen to it in the future.
This is not only about who may benefit from a future sale. It is also about protecting the people you care about and making sure your loved ones are not left without security or stability if you die unexpectedly.
You got married or are in a long-term relationship
It is not only financial or property changes that make a will important. Changes in your relationship are also a strong reason to put one in place. If you are planning to get married, or you have recently married, you may want to make sure your partner is named as a beneficiary.
A will should also be reviewed if you separate from your spouse or begin divorce proceedings. Until the divorce is finalised, a former partner may still be entitled to inherit from you.
It is arguably even more important for people in long-term unmarried relationships. As the law stands, unless you are married, your partner may have no automatic legal claim to your assets, so making provision for them in your will can be essential.
You’re starting a family
Many wills are written to protect family members. If you are starting a family, your will should provide for your spouse and your children if anything happens to you. Failing to do so could have a serious impact on their financial security and standard of living.
Making a will after having children also allows you to include a guardian clause. This lets you appoint a legal guardian for children under 18 should both you and your partner die, rather than leaving that decision to the court.
You’re diagnosed with a serious illness
You may not want to think about it, and it may be the last thing on your mind, but being diagnosed with a serious illness is a strong reason to make a will if you have not already done so.
It is often best to act early. As an illness progresses, practical and financial matters can become harder to manage. Putting a will in place can give you and your loved ones reassurance, while also making sure your wishes are clearly recorded.
Dying without making a will can lead to complications and legal difficulties that your family may be forced to deal with at an already difficult time.
You’re starting or already own a business
Much like receiving a substantial amount of money or property, starting a business is another important reason to make a will. You will likely have invested a great deal of time and effort into building the business, so choosing the right person to take over can give you peace of mind.
This can be easier if you are the sole owner or shareholder, as it gives you greater control over what happens to the company’s assets after your death. A will can also help ensure your wishes take priority over certain clauses in a partnership or shareholder agreement that might otherwise benefit other parties.
Write your will today
When is the right time to write a will? The best approach is to make one as soon as you can, especially if you have experienced major life changes. Depending on your circumstances, you may want to draft an individual will or arrange a joint will to give you and your family greater peace of mind.
Plan for your future
Taking action now can help protect the people and assets that matter most to you.