When do I need to make a Will?

Have you asked yourself the question, when do I need to make a Will? A Will is a legal document which ensures that your assets are distributed according to your wishes following your death. If you have assets that you would like to go to particular individuals when you die, then you need to make a legally binding and correctly drawn up Will.

A Will documents what you would like to happen to your children, home, belongings and other assets when you die, and must legally be followed.

Anybody over 18 can and should make a Will. It is especially important to have a Will if you have property and/or children. However, there are poignant moments in your life when you should make a Will or update an existing Will:

Buying a new home – make a Will

You should have a Will now that you own a property, if you do not have a Will then you can not be sure about what will happen to your property in the event of your death.

Having children – make a Will

It is important that you write a Will or update your Will after having children, primarily so that you can appoint legal guardians for the children. This means that you can choose who will look after them if you die. It is also important so that you can choose when your children inherit your assets. Would you want property to pass to your spouse first? Would you want your children to inherit the assets at the age of 18? These are questions Hepburn Delaney’s specialist Wills and Probate Team can assist you with.

Getting Married – make a Will

Once you have a spouse you should also write a Will. You may have assets that you either want to pass to each other in the event of your death; or pass to other people because, for example, they were inherited solely by you. It is particularly important to review your Will if you already had a Will before you were married as marriage will invalidate any existing Will (unless it was written specifically in anticipation of marriage).

Increase in wealth – make a Will

If you have savings, an inheritance, or any increase in wealth you should make a Will. This will ensure that your savings and other wealth can be distributed as you wish following your death. If you do not have a Will, then the money and wealth you have earned in your lifetime may be shared in a way which does not benefit those you would like it to.

Separation – make a Will

You should make or review your Will if there is a separation, particularly if your plan is to remain married as any existing Will is likely to benefit your spouse. If you no longer want this to be the case you must change your Will as your assets will be shared according to your Will, regardless of any separation.