It’s very easy to assume that your will isn’t something that you will need to worry about until you get older. However, there’s no telling what the future will bring. While it can be easy to put off writing your will, this is something that everyone will need to consider at one point in their life or another. So you may be wondering at what age should you have a will?
The answer to this question is of course that the sooner you make your will, the better. Surprisingly, only around 46% of Americans have a will in place. This is more likely to increase with certain older age groups, however, people tend to organize a will after certain life events, such as marriage, buying property, or having children.
There are also certain situations where you will need to have a will in place regardless of your age. Today, we’re going to cover at what age should you have a will in place, and which situations will make this all the more important for you and your loved ones.
When Do You Need A Will?
We all know how important it is to have a will in place. In the event of your death, your family and loved ones will know exactly how you want your final wishes to be carried out. If you die without leaving a will, this can put a lot of stress on your loved ones, and there’s no guarantee that they will get half the things you want them to.
There are also certain situations where you will need to have a will in place for legal reasons or even to make sure that any dependents will be covered in the unlikely event that you might pass away.
So, when do you need a will? Here are the main reasons:
- If you have any children, you should always make a will. This is to ensure that any assets you have will go to your children, and not to your bank or other people. This is of course to give your children more security.
- You will also need to have a will in place if you have any property in your name. This is of course to ensure that your assets go to exactly who you want them to go to. In the event that you get married to a partner, you will also need a will place to ensure that they will be entitled to your assets in the event that you were to pass away.
So the bottom line is that you should make sure that you put a will in place at any time a big life event happens. This will ensure that all of your assets are protected and will go to the people you love most.
Do I Need A Will If I Have Beneficiaries?
Yes, you do still need a will if you have beneficiaries. This is to ensure that your assets get divided between your beneficiaries as you would like them to. Without a will in place, your spouse or children aren’t able to take legal steps on the behalf of your estate. You will need to designate an executor in your will in order for the process to proceed.
Even if you already have designated beneficiaries, you will still need a will in place to ensure that your assets get divided up as they should do.
Do I Need A Will If I Own A House?
Yes, you will need a will in place if you own a house. This is of course so that it can be passed on to the people you wish it to go to. If you don’t have a will in place, your property assets will be divided between any heirs you may have. This will typically include your spouse and any children.
If you live with a partner who you are not married to, there is no guarantee that your property will go to them in the event of your death. So it will be crucial to have a will in place so that your assets go to the people who mean the most to you.
If you don’t have a will in place when you die, and there are no heirs to inherit your property, this will then go to the state.
Do I Need A Will If I Have No Property?
Yes, you do still need a will if you have no property. This is so that your other assets can be divided equally between your beneficiaries. This will include things such as bank accounts, investment accounts, any physical assets, as well as any digital assets that you may have.
If you have any children, you should always have a will in place, even if you don’t own any physical properties. This is so that they can be covered in the event of your death. The same will go for if you have a long term partner to ensure that they are entitled to your assets when you pass away.
Do I Need A Will If I Am Married?
Yes, you do need a will even if you are married. This is because your partner won’t be able to physically do anything to further your estate unless they are specifically mentioned as an executor. Having a will in place will give your partner more security and ensure that the whole upsetting process doesn’t cause them any more stress than it has to.
So there you have it! Even though there is no straightforward answer the question at what age should you have a will in place, it is always a good idea to arrange a will to ensure that your assets will be divided among your loved ones as you want them to be. People tend to arrange a will after large life events such as marriage, buying property, or having children.
The good news is that you don’t even have to pay an extortionate fee to an attorney to sort out your will. You can save money and time by doing so online. Wills.com offers an affordable, user friendly service to help you start your will online today.