At What Age Should You Make a Will?
When to make a Will does not depend on your age, but instead on your personal and financial circumstances. As long as you are over 18, you are never too young to make a Will.
You may wonder what personal and financial circumstances are relevant for making a Will, and there are many factors that may be applicable, but generally speaking, you should make a Will if any of the following apply to you:
- You have children (especially if they’re under 18)
- You own your own home;
- You are married or cohabiting;
- You are divorced;
- You own a business
If you die without making a valid Will, your estate will pass according to the rules of intestacy. The rules of intestacy are set by law and they specify who inherits your estate on your death. You may be surprised to learn that the intestacy rules do not automatically pass your estate to the people you would assume would inherit. This could mean that people inherit against your wishes, or that people to whom you would have wished to leave your estate, do not benefit.
If you have minor children, you can appoint Guardians under your Will to look after your children if you were to die before your children reach 18. You may also wish to provide financial assistance for the guardians, and again, this can only be done under a properly drafted Will.
In addition, if the value of your assets is over £325,000 (or £650,000 if you are married), your estate may be liable to pay inheritance tax on your death. Inheritance tax is payable at 40% of the value over your tax-free amount. By making a will that is properly structured you can incorporate inheritance tax planning to take advantage of all available reliefs to protect your assets on your death.
If you do not have a Will and would like to make one, or if you wish to review an existing Will, please get in touch for a no-obligation, free initial discussion.
You can contact us by email: karen@yateslegal.co.uk; by telephone on 07983 589 741 or via Whatsapp.
Alternatively, complete our online form.