The thought of death can be unquestionably distressing for some people, leaving many to put it to the back of their minds, including making provisions for life after they pass. In this article, we provide the 4 reasons you should consider writing a Will in your 40s…
There are many times in life when having a will is important. Unfortunately, none of us knows when our last day on earth is going to be, and as the saying goes, “Don’t put off until tomorrow what you can do today”. Truer words have never been spoken. The sooner you plan for life after you pass, the better. Many people put off writing their will until it’s too late, and this means their final wishes are never known.
Whether you choose to have a will or not, contentious probate can happen and this can be distressing for family members. However, a properly drawn out will, will certainly decresease the chances of this happening. Having a will, will also ensure family members are aware of their position and don’t have any unexpected discoveries after your passing.
To learn more of the 4 reasons why you should consider writing a will in your 40s, keep reading…
Why Should You Consider Writing a Will in Your 40s?
To realistically put it, you should always consider writing a will sooner than later, and this could be before you reach your 40s. Experts recommend that as soon as a person has acquired assets that have value, whether this is their pension, savings, investments, property or something else, it’s crucial to consider writing a will. This is the same for any person who has children.
Some of the reasons you should consider writing a will in your 40s include:
1. It Allows Your Final Wishes to be Respected
For some people, deciding who they want to inherit their estate will be straightforward and require next to no thought. However, for others making this decision it can be more complicated, particularly for anyone who might not have a close relationship with their family members, so having that choice is important.
Having a will in place allows you to entirely make the choice of who can benefit. For example, if you don’t have a close relationship with your sibling and would rather your partner or a close friend inherit your estate, a will, will allow this to happen. However, if you don’t have a will in place, the rules of intestacy will apply, meaning if your sibling is the only living relative, they will be set to inherit the entirety of your estate.
2. To Reduce the Likelihood of Contentious Probate
As we briefly mentioned above, one of the most important reasons you should consider writing a will is to reduce the possibility of contentious probate occurring. While having a Will doesn’t prevent contentious probate entirely, as many deceased people who did have valid wills in place still have their estates experience it, it does reduce the likelihood of it happening.
A will puts across your final wishes, and you can discuss this with family and friends prior, so they know where they stand and aren’t going to face anything unexpected.
If you are unaware of what contentious probate is, it’s where a dispute occurs in concern to the deceased person’s will. This could be to do with the validity of the will or the contents contained within it. For example, a family member who has been left out or has not inherited as much as they thought to receive. Contentious probate can also happen when someone, often a beneficiary, is unhappy with the administration of the estate.
3. It Sets out a Care Plan for Children and Pets
If you have any children, it’s really crucial to consider writing a will. A will doesn’t only handle the financial aspects of your life, but it can also include what will happen to your children if you die before they reach the age of 18 years old, such as who will take care of them. In addition, a Will can include who you would like to leave your pets to.
4. A Will can Reduce the Amount of Inheritance Tax Due
Inheritance tax can seem daunting when you hear it’s 40%, but this isn’t on the entirety of your estate and nor does it mean you can’t reduce the amount due. However, writing a will with the assistance of a solicitor is the only way that this can happen.
Inheritance tax (IHT) is only payable if your estate is worth more than the threshold, which currently stands at £325,000, and your estate includes the value of all assets, any gifts made in the seven years prior and any trusts where the deceased received beneficial interest.
So if you have an estate worth more than the threshold, it’s important to write a will due ot the fact there are many ways to reduce the amount of IHT due. No inheritance tax will be paid for estates worth more than the threshold, if:
- The estate is passed to a charity or a community amateur sports club
- The entire value of the estate above the threshold is passed to the deceased person’s spouse or civil partner, and this is the same if their spouse or civil partner receives the entire estate
There are many other ways inheritance tax can be reduced, and a specialist solicitor can advise you of this. See Help & Advice for more information on reducing inheritance tax with a Will.
Don’t Leave it Too Late
What we can conclude from this article is the sheer importance of not leaving writing a will until it’s too late. While you won’t be affected, it could mean that your loved ones are left in a sticky situation on top of their grief. Therefore, writing a will can make matters far easier and ensure your final wishes are respected.
Have you written your will yet? If your answer is no, it’s the perfect time to start thinking about the future and what you would like to happen to your assets.
Please be advised that this article is for general informational purposes only, and should not be used as a substitute for advice from a trained legal professional. Be sure to consult a legal professional if you’re seeking advice about writing a will. We are not liable for risks or issues associated with using or acting upon the information on this site.
