Should I Be Making A Will In My 40s?
Turning 40 (a few years ago) was a huge milestone for me. Considering that 80 is a good age to get to, I was proud to have achieved what I class as ‘middle age’ status. Working in Wills and Probate can give you a rather pessimistic view of life expectancy!
I also noticed that more and more of my friends of a similar age were asking me whether they should be making a Will now that they were in their forties. My answer to that was Yes! Of course!
In fact, my advice would be to consider making a Will as soon as you have assets to give away, or if you have children to provide for. It is so important that you record in a legal document who you would want to benefit from your estate in the event of your death and, if you have children, who you would want to look after them in the event that they were left without a parent.
By making a Will you get to retain control and you can also protect assets in a number of different ways.
What Age Can You Make A Will?
The earliest age you can usually make a Will is 18, although very few 18 years olds put this on their list of priorities! Having said that, two of my four children (aged 18 – 23) do have Wills in place and I have also acted for a number of young clients to get their affairs in order.
My eldest clients making Wills for the first time were 98 and 94 respectively and it did make me smile when they said ‘they thought it was about time they got their Wills sorted’!
What Are The Statistics?
A recent survey conducted on behalf of ‘Solicitors for the Elderly’ determined that 65% of people aged 40 plus have made a Will.
This is great news as just a few years ago in 2017, the statistics were much lower with only 39% having made a Will.
Out of the 35% that don’t have a Will in place, 8% are ‘in the process of creating one’ and 44% have said that the recent COVID-19 epidemic has made them think that they really should get a Will in place.
Surprisingly though, 39% of women in their 40s don’t have a Will in place, which is 9% more than men in the same age group.
The COVID Effect
At the beginning of lockdown, we understandably saw a huge rise in the number of clients wishing to make Wills, particularly those clients who were vulnerable to the disease. We were able to assist these clients by taking instructions remotely and posting Wills to them for signature. We asked clients to record the signing process in a separate document and to evidence the signing wherever possible. In some circumstances we assisted with ‘drive by signings’.
Our clients responded positively and we received many pictures of ‘over the fence’ signings, ‘garden signings’ and ‘car park signings’ to name but a few.
Now that lockdown is easing, we are seeing another rise in clients wanting to get their affairs in order – and not just those who are vulnerable. We are receiving enquiries from clients of all ages and many of the enquiries are from those in a younger age group.
What Happens If I Don’t Make A Will?
If you die without leaving a valid Will then your estate will pass in accordance with the Laws of Intestacy.
If you would like assistance with your Will, or if you require advice in relation to Probate, Powers of Attorney or Trusts, please telephone me on 01332 364436 or e-mail me at j.robinson@timms-law.com.
Jo Robinson
September 2020