Financial Planner Urges: Don't Delay Writing Your Will - It's Never Too Early
It's all too common to feel invincible, as though mortality is a distant concern best left for another day. After all, with so much living to experience, why dwell on death? Yet just like taxes, dying is an inevitable certainty - the only question is when, not if.
While everyone hopes to reach a grand old age, life doesn't always follow our plans. Being prepared in advance, particularly through will writing, can significantly ease the burden on loved ones during difficult times. But when exactly should you start this process? Is there an ideal age, or can you begin too soon?
The Legal Minimum and Common Timing
"The short answer is, you must be at least 18 to create your will. So adulthood is a prerequisite," explains Tony Fuller, chartered financial planner at Path Financial. "However, beyond that threshold, people far more frequently delay will writing until it's too late rather than starting too early."
Certainly, nobody expects you to visit a solicitor immediately upon turning eighteen - that would undoubtedly dampen birthday celebrations. Instead, Fuller identifies several natural life stages when individuals should seriously consider will creation.
Key Life Moments for Will Writing
- Acquiring Significant Assets: "When you come into money or property, will writing becomes crucial," Fuller emphasizes. "Whether you've accumulated savings, started a business, or built wealth, having a will ensures you dictate exactly how your assets should be distributed if something unexpected occurs."
- Purchasing Property with a Partner: "For unmarried couples buying their first home together, creating a will is particularly important," Fuller notes. Married couples without children typically inherit everything automatically if one spouse dies without a will. However, for unmarried partners, "if you die without a will, your estate passes according to intestacy laws - a predetermined inheritance order that may not reflect your wishes." This could mean assets going to parents rather than partners.
- Becoming a Parent: "For parents, a will allows you to designate guardians for your children should the unthinkable happen," says Fuller. "You can formally appoint specific individuals to care for your children through your will."
Looking Beyond Financial Wealth
Fuller insists that will writing "isn't solely about wealth distribution." Contrary to dramatic portrayals in shows like Succession, "numerous valid reasons exist for creating a will beyond substantial assets. Don't let limited wealth deter you - will writing remains valuable regardless."
For instance, "you can specify preferences like burial versus cremation," Fuller illustrates. "Such decisions, documented in a will, can significantly reduce stress for grieving loved ones during emotionally challenging times."
Wills Evolve with Your Life Circumstances
Your initial will draft isn't permanent until death. The person you are at twenty-five likely differs from who you'll be at forty-five or seventy-five. Life brings divorces, remarriages, additional children, property moves, financial fluctuations, and evolving relationships - and your will should adapt accordingly.
"When young people consider will writing, they often wonder: 'Will my wishes remain the same in five or ten years?'" Fuller observes. "If the answer is no or uncertain, they might postpone creating a will - which can be misguided. A will isn't a one-time event. You should update it regularly as circumstances change throughout your life."
Initiating Early Conversations About Wills
Even though children cannot legally write wills, they often develop early understandings of mortality. They might worry about who would care for cherished possessions like teddy bears, and parents can offer reassurance by honoring such wishes when appropriate.
"I recall watching The Lion King as a child and witnessing Mufasa's death," Fuller shares. "Children begin learning about death concepts early, often through media. Having age-appropriate conversations with kids about these topics is beneficial."
Practical Steps for Will Creation
"Typically, we recommend clients seek professional advice unless they're absolutely certain about their wishes and have straightforward circumstances," advises Fuller. "If solicitor fees are prohibitive, consider online will packs or digital services rather than having no will at all. However, best practice involves obtaining advice about will contents, especially with complex situations."
A Final Warning Against Procrastination
"It's exceptionally rare to create a will too early, but tragically common to leave it too late," Fuller cautions. "Most people realize they should have written their will years earlier. If you're contemplating will creation and suspect the timing might be right, proceed immediately - because it probably is."
