At What Age Should I Make a Will?

There is no rule as to when you should start thinking about making a Will, however it is important that you do not wait and leave it until the last minute i.e. when you’re very ill or elderly.

Life can throw a number of curve balls at us, so it is always best to ensure that you are prepared in respect of your finances, especially if you have children, a spouse and own assets.

A Will should be kept under regular review during your lifetime, and we usually recommend that it is reviewed every few years or sooner if your family or financial circumstances change. When a new Will is made, it will usually revoke any previous Wills.

Unless you are in the armed forces, you must be at least 18 years of age and have testamentary capacity at the time of making your Will.

What Is a Will?

A Will allows you to decide who you would like to benefit from your estate after your death. It will also allow you to choose who should deal with your assets after death, and if you appoint guardians, who will look after your children should you die and there be no one else with parental responsibility for them.

You may wish to leave specific items to individuals i.e. jewellery or specific sums of money to individuals or charities. You can also use your Will to create trusts to protect assets for your spouse and/or children. This can be especially important if there are children from previous relationships.

What Would Happen If I Do Not Make a Will?

If you do not make a Will, then you will die ‘Intestate’ and your estate will pass in accordance with the Intestacy Rules.

The Intestacy Rules set out in law who will inherit from you and who will deal with your estate.

It is very important to note that if you die intestate, the intestacy rules do not provide for cohabiting partners and provision for your spouse, even if you are married may be limited depending on the size of your estate. There is also no provision for stepchildren.

Dying intestate may result in your estate being inherited by people you may not necessarily want, or choose, to inherit. It also means that you do not have a say on who will administer your estate or look after your children.

If you would like more information or advice on making a Will, please contact Emily Facer on 01332 364436 or email e.facer@timms-law.com.

To find out more about Wills, visit our webpage here.