When should you write a will?

At what age can you make a will?

There is a common misconception among younger age groups that you can be too young to write a will. This is not true.

You can make a legally valid will from the age of 18 years old. As soon as you own anything you technically should write a will stating who should get that item when you die.

Slater and Gordon undertook some research into people’s attitudes to wills and inheritance and found that many people believe that they are just too young to write a will. The research showed that only 9 per cent of 18- to 25-year-olds have a will. 45 per cent of the age group did say that they intended to, but most answered that they felt they were too young to warrant having their wishes on paper.

The percentage of those with wills didn’t go up by much in the next age bracket. Only 14 per cent of 25- to 35-year-olds have a will, with 43 per cent saying that they intended to, but didn’t feel they were old enough.

When should you make a will?

The thing about a will is that it doesn’t have to list property or money, but it can reflect your wishes when it comes to personal items. For example, say you have an ornament, picture, collectable or precious bit of Star Wars memorabilia that you really want your best friend to have, you need to have it in writing, just in case the worst should happen.

Just because you’re no way near retirement age, and you’re not going grey around the edges, doesn’t mean that you don’t have something to put in a will. It may not be the most cheerful of subjects, but you never know what may happen tomorrow and it is best to be prepared.

Why should I write a will as soon as I can?

There are many benefits to making a will, and you don’t have to have a large, complicated estate to make the most of them.

• Taking care of your family: By setting out how you wish your assets and possessions to be distributed, you can ensure that your family members are taken care of and provided for in the future. Without a will, your estate will be distributed according to the rules of intestacy, which may mean that some of your family miss out entirely.
• Minimising tax liability: The way in which tax is applied to your estate will not only depend on its overall value, but to whom you leave certain assets like property. By setting out your wishes in a will, you can minimise the amount of tax your loved ones will need to pay.
• Avoiding legal disputes: It is an unfortunate truth that the distribution of an estate can often cause disputes within families or other beneficiaries. Setting out your wishes in your will can help eliminate any disputes.
• Peace of mind: One of the most crucial benefits of having a will in place is knowing that your estate will be handled according to your instructions and wishes when you are no longer here.

Do you legally have to write a will?

Writing a will is not a legal obligation, but there are consequences if you don’t.

Without a will in place, the law will decide who inherits your possessions. This can come as a bit of a shock to a family especially as the law may not divide your possessions as you would have wished. It’s important to list anything you feel people would want, and what you want to happen to the rest if you don’t want it allocated to just one person.

Don’t forget that when something changes in your life it’s important to update your will. If you enter a relationship and wish to leave something to your partner, without a will (or a marriage certificate), they won’t get anything. If you have children you will need to decide what they get, even if it’s just your signed football shirt. And if you change your mind about something, make sure you change the will to reflect this.

Specialist legal support from Slater and Gordon’s leading will solicitors

For some, writing a will can be quite straightforward, but if you have specific instructions or a complex estate, knowing how to ensure your wishes are followed may be difficult.

Ultimately, a will is a legal document, and a solicitor can provide crucial legal advice to ensure your wishes are carried out in the way you expect. Don’t forget that there are circumstances in which a will can be contested, and if any mistakes are made in your will, your executor will have to arrange for these to be sorted, potentially incurring legal fees.

If you would like to write your will, and get professional advice, please get in touch with Slater and Gordon’s will writing solicitors. Call us on freephone 0330 041 5869 or contact us online and we will call you.

*All information was correct at the time of publication.