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When is the right time to make a Will?
There is no definitive answer to when is the right time to make a Will, as different people may have different reasons and circumstances to consider. However, some general guidelines are:
- The best time to create a Will is when you are physically and mentally well, and have a clear idea of your wishes and preferences for your estate and beneficiaries.
- You should review and update your Will regularly, especially when there are significant changes in your life, such as marriage, divorce, having children, buying or selling property, receiving an inheritance, retiring, or being diagnosed with a serious illness.
- You should also consider the tax implications of your Will, and how to minimise the inheritance tax that your heirs may have to pay. You may want to consult a professional adviser for this purpose.
- You should always use a valid and legal method to create your Will, such as using a solicitor, a will-writing service, or an online platform. You should also make sure that your Will is properly signed and witnessed, and stored in a safe place.
- You should inform your family and friends about your will, and who you have appointed as your executor. This can help avoid any disputes or confusion after your death.
Making a Will is an important way to protect the choices you wish to make for yourself and your loved ones. It can also give you peace of mind and reduce stress for your family in the event of your death. Therefore, it is advisable to make a Will as soon as possible, and keep it updated throughout your life.
Our Wills experts can talk to you about what you need to consider when making your Will and help you through the process. Contact a member of our Private Client team for advice for your personal circumstances.