Is it too early to write your will?

It can be easy to feel invincible and as though we’re destined to live forever. After all, why think about death when there’s so much living to do first? But, just like taxes, dying is guaranteed – it’s just a matter of when, not if.

Of course, the hope is that it won’t happen until you are a grand old age. Things do not always go to plan though, and being prepared in advance, especially when it comes to writing a will, can make your passing a tiny bit less difficult for those that love you.

Is there an optimum time to write one though? Is there an age limit? Or can you put one together too soon? “The short answer is, you have to be at least 18 to make your will. So you do have to be an adult,” says Tony Fuller, chartered financial planner at Path Financial. “But beyond that, it’s more common for people to do it too late than too early.”

When to think about writing your will

It’s certainly not mandatory that you visit a solicitor the day you turn 18, that would probably put a downer on the birthday festivities. Instead, Fuller says, “there are some natural times that people start to think about, or should start to think about, making a will…”

1. Firstly, when you come into money. “It’s more important if you have property or wealth,” he explains. “If you accrue some other money in life, maybe you run a business or generate some savings, having a will can become really important so that you define how you want your money to pass should something happen to you.”

2. Secondly, “If you buy a property with a partner for the first time, it can be very important to have a will for unmarried partners.” For married couples, if there are no children and no will, the surviving spouse tends to inherit everything. But for unmarried couples, “if you die without a will, then your estate will pass according to the laws of intestacy, a predefined order of inheritance,” says Fuller.

“For unmarried partners, that can often not be what they want, maybe their money will go to a parent, for example, rather than their partner. So it’s definitely important to think about what you want to do in that position, and consider making a will.”

3. Thirdly, becoming a parent. “For people that have children, a will can define who you want to look after them in the event that you die,” says Fuller. “You can appoint certain people to be the guardians for your children in your will.”

Look beyond the money

Fuller is adamant that will writing – contrary to what watching Succession may have led you to believe – is “not all about wealth. There’s a lot of other good reasons for making a will, don’t let not having wealth be a barrier to creating a will, it’s still well worth doing.”

For instance, “you can also choose things like if you want to be buried or cremated”. “Those kinds of decisions and having a will in itself, can take a lot of stress off loved ones in the event of death,” he continues.

Wills are not set in stone until you die

The first draft you make is not the one you have to stick to throughout your life. Who you are at 25 might not reflect who you are at 45 or 75. People get divorced, remarried, have more than one child, move houses, buy second homes, make money (and sometimes lose it all) – life does not remain static, and a will shouldn’t either.

“When young people think about making a will, sometimes they think: ‘Is this still going to be the same as what I wish in five or 10 years’ time?’ And if the answer is no or maybe not, then maybe they defer or delay making a will,” says Fuller. “That can be the wrong thing to do, because a will isn’t a once-and-done situation. You can update it. In fact, you should update it regularly throughout your life as circumstances change.”

It’s never too early to start having conversations about wills

Just because children are not legally able to write a will, doesn’t mean they won’t be interested in the concept. They may worry about who would look after certain teddies if something happened to them, for instance, and parents can promise to honour their wishes to give reassurance if appropriate.

“I remember when I was young and watched The Lion King and Mufasa died in that gorge,” says Fuller. “You start to learn about death and some of these concepts [early on], often it seems to be that Disney films kill someone off. Having conversations with our kids about some of these concepts is a good idea.”

How to write a will

“Typically, when we speak to clients, we would suggest they take professional advice unless they’re very certain about what they’re going to do and have a very simple set of circumstances,” says Fuller.

“If it’s a case of you can’t afford to take advice from a solicitor and have them draft it for you, then perhaps you’d be better off getting a will pack online or using an online service, of which there’s a few around, rather than not having a will if it came down to that choice. But best practice would be to take advice about what you’re putting in your will, particularly if your circumstances are complex.”

Don’t leave it too late

“It’s very rarely too early to make a will and it can be too late, and it’s often too late for most people,” warns Fuller. “By the time people get around to it, I would typically say they should have done it a few years earlier. So if you’re thinking about making one and that it might be the right time, then go ahead and do it, because it probably is.”