When is the best time to make a Will?
Wrongly dismissed as one of those things you don’t need to do until you’re older, the reality is it is never too early to write a Will. However for those looking for a definite tipping point, once you have children and/or own property making a Will becomes essential.
An arrival from the stork
If you have young children, making a Will is imperative and not only to ensure their financial wellbeing. In your Will, you have the opportunity to appoint Guardians. This way, should the worst happen, your children are being looked after and cared for by the person or people you wanted.
If you don’t make a Will naming a legal Guardian, you are allowing the Courts to decide who looks after your children and where they live, regardless of what you might have verbally agreed with a family member or friend or even if you have ‘appointed’ Godparents.
After buying a property and therefore acquiring a significant financial asset, the next logical step is to make a Will.
Owning a property could push you above the Inheritance Tax (IHT) threshold, known as the nil rate band. An experienced and qualified Will writer may be able to help you mitigate your IHT liability.
There are also ways to protect your property from being used to fund future long term care fees. One example of this is a property protection trust (PPT), which again a specialist estate practitioner can advise on.
Content correct at time of publication