There is no wrong time to make your will, but there are some moments in your life when it is especially important to have a valid last will and testament. These are moments when there are major changes in your circumstances, or legal situation.
So, when should you write a will?
When you marry
Your legal situation changes when you marry or enter a civil union. Your partner automatically becomes the main beneficiary according to the rules of intestacy, meaning that should you die without a valid will, they will have the first claim to your estate. This may well be the situation you want, but the only way to be absolutely certain that your estate will be shared according to your wishes is to have a valid will
When you have a child
Becoming a parent is life-changing. It also changes your financial situation significantly. To ensure that your new child is provided for in the way that you want, you need to make a will. Again, the laws of intestacy do provide for children, but to be absolutely sure your possessions are distributed as you want in the event something happens to you, a last will and testament is the answer.
If you separate from a married/civil partner
The laws of intestacy provide for your partner until you either a) divorce/annul the civil union or b) you write a will to the contrary. If you don’t want your ex at the top of the list of people to inherit your estate, it’s time to make a last will and testament.
If you divorce
Divorce is a new start and is a moment to think about the people and causes that matter most to you.
If there is a significant change in your financial situation
If you gain significant new assets such as real estate, or your bank balance changes dramatically, you should look at your existing will and make sure it is still appropriate. If, for example, you have gifted a property that you no longer own, or a sum of money that doesn’t make sense in your new context, it is time to re-write your will.
Making a will may not be something that you look forward to, but it is a chance to think carefully about who and what matters to you, and to do something about it in your lifetime. There is no feeling quite like the peace of mind when your loved ones are protected by your actions.