If you haven’t already written a will, time is of the essence. You don’t need to be on death’s door in order to start planning for what you’d like to happen to your estate if something were to happen to you. If you need a push in the right direction, check out our article 5 Reasons You Should Make a Will for more information. Seriously though, it’s never too early to start writing your will ✍️ – the sooner the better!
Many young people out there are guilty of thinking they’re invincible. Even those who are a bit more realistic tend to only think about their future in regards to education, employment, relationships, and money. 💷 So many people fail to consider that things like life insurance, investments, and estate planning are just as important when it comes to planning for your future.
That’s why we’re going to focus on the moments in life when it makes sense to write a will if you haven’t already! Plus, with Bequest, you can write your will online — it’s as easy as signing up and taking 10 minutes to fill out a form! 🙌
If you find yourself identifying with any of these categories, don’t hesitate any longer. Write your will!
Age of majority
In the UK, you officially become an adult in the eyes of the law the minute you turn 18. If you’re a keen planner, you can write your first will on the day of your 18th birthday. 🥳 This is also around the same time that many head off to uni 🎓 and might be living on their own for the first time. Wills aren’t only about dictating who gets what in the event of your death, it’s also a way to make your wishes known in regard to your funeral.
Buying a house or other large assets
Wills are obviously well known as a way to distribute your assets in the event of your death. This becomes a much larger deal when you own items of value such as a car 🚗, valuable art 🖼 or antiques, or even real estate. 🏘 Protect your assets and make sure they go to the right people by naming an executor and beneficiaries in your will.
Once you get married
When two people come together in a marriage, there is often a HUGE adjustment period, especially when it comes to finances and jointly owned assets. 💒 Not only is this a great time for you to both get out a life insurance policy, it’s also a good time to write your wills. You can work on them together to ensure both of you are taken care of in the event of the other’s death.
After expanding your family
Whether you decide to go down the route of getting a fur baby 🐾 or having a baby 🍼 of your own, the minute you expand your family is the perfect time to write your will. You can use your will to name guardians for both your pets and your children, and to leave any specific instructions regarding their care. You may also want to consider splitting your assets between your children, or naming them a secondary beneficiary after your spouse.
Most legal professionals suggest updating your will every 4 to 5 years, even if you don’t think anything has changed. This allows you to make sure the right people are listed as beneficiaries and that things don’t fall through the cracks!
While you can write your own will, most people find the process a lot easier when writing it with a lawyer. By signing up with Bequest, you’ll receive help from our will writing partners at JPEP. Win Win! 🌟