8 Reasons to Make a Will in Your 30s and 40s
Making a Will isn’t something that should be left until later in life. Whether you are buying a home, getting married, starting a family or building up your assets, making a Will in your 30s or 40s can be an important step in protecting the people and possessions that matter to you.
Working with experienced Will writing solicitors can help ensure your Will accurately reflects your wishes and deals appropriately with your property, finances, children and other important considerations.
Without a valid Will, your estate will generally be distributed according to the rules of intestacy, which may not reflect what you would have wanted.
Here are some of the key things to consider for making a Will in your 30s or 40s.
Choose Who Will Administer Your Estate
Executors
When making a Will, you can appoint the people you trust to act as your executors.
Executors are responsible for administering your estate after your death. Their duties can include identifying and collecting your assets, settling outstanding debts and liabilities, dealing with the necessary administration and distributing your estate to your beneficiaries in accordance with your Will.
Choosing your executors yourself gives you greater control over who will take responsibility for your affairs.
Guardians
For parents of young children, appointing guardians can be one of the most important reasons to make a Will.
Your Will can record who you would like to care for your minor children if you die while they are still young. This can provide reassurance that you have considered who you trust to take on this responsibility.
A properly drafted Will can also address how money left for your children should be managed and when they should become entitled to their inheritance.
Because parental responsibility and guardianship can depend on individual family circumstances, obtaining advice from a solicitor when writing your Will can be particularly valuable for parents and blended families.
Decide Who Inherits Your Money, Property and Possessions
You are able to leave specific items and sums of money to family, friends and charities.
Depending on how you own your property you may wish to leave your share of your property to your children (or whoever you wish) whilst allowing your spouse or partner to remain in the property for the rest of their life. This can be useful if you are a blended family or are concerned about care home fees.
You can nominate who you would like beloved pets to pass to and you may even wish to leave a specific amount of money to that person for the maintenance of those pets. If no such family or friends are available, you can nominate a relevant charity to rehome your pets.
You can choose who inherits the residue of your estate. The residue is what is left once your funeral has been paid for, all debts have been settled, and specific legacies have been paid. This will prevent your estate from passing to unintended relatives.
You are able to set age contingencies for young beneficiaries which protect the trust fund until they are of an age to spend it more wisely.
Trusts can also be set up so that beneficiaries do not lose their entitlement to means tested benefits as a result of inheriting from your estate.
Preventing Family Disputes
By making a Will you clearly outline your intentions. This can help prevent family disputes occurring after your death.
It is possible for family members or dependants to make a claim for a share of your estate under the Inheritance (Provision for Family and Dependants) Act 1975. The categories include a spouse, cohabitee, children, and anyone who is financially dependent on you at the time of your death. Care must therefore be given when making a Will excluding family members or dependants and additional documents may be prepared in support of your decisions.
Change in Relationship Status
An existing Will is cancelled by marriage, or civil partnership. It is therefore important that the correct wording is used in your Will if it is being made in contemplation of marriage or civil partnership to prevent it being revoked. The alternate is to make a new Will as soon as you are married or in a civil partnership.
Divorce or dissolution of a civil partnership also affects the provisions of an existing Will. Any mention of a former spouse or civil partner will be treated as if they had died on the day of the final order (formerly known as a decree absolute) so it is important to ensure the provisions of an existing Will still reflect your wishes after a final order is made.
A Will writing solicitor can advise you on making a Will in contemplation of marriage or a civil partnership or following a change in your relationship status.
What Happens if You Die Without a Will?
If you die without making a valid Will you are classed as dying intestate and your estate will pass in accordance with the intestacy rules. These strict rules dictate who is entitled to inherit your estate, which may not reflect your wishes.
If you are married or in a civil partnership and you have no children, then your spouse or civil partner will inherit your entire estate. However, if you have children then your spouse or civil partner will inherit all personal possessions, the first £322,000 and 50% of the remaining estate. Your children will receive the remaining 50% equally between them.
If you are not married or in a civil partnership and have children, then they will inherit your entire estate equally between them. However, if you do not have children then your estate passes in accordance with a strict hierarchy of relatives including parents, siblings and so on.
It is therefore important to consider making a Will at any age to ensure your assets pass in accordance with your wishes.
Are You in Your 30s or 40s? Consider Making a Will
Your 30s and 40s can bring some of life’s biggest changes – from buying property and building a career to marriage, children and growing financial responsibilities. These are also some of the strongest reasons to put a Will in place.
Making a Will gives you greater control over who inherits your estate, who administers it and, where appropriate, who you would like to care for your children.
Our Will writing solicitors can guide you through the process, explain the options available and prepare a Will tailored to your circumstances and wishes.
Contact our Will writing solicitors today at Bridge McFarland on 0800 987 8800 or email enquiries@bmcf.co.uk.
