Aretha Franklin, Michael Jackson, Bob Marley. What these celebrities have in common apart from music, is that they all died without leaving behind a will. You may not have millions worth of assets to your name, but you probably don’t want to leave your family stressing over settling your affairs, after your death. So, when should you start planning your estate, no matter how modest?
Discover our latest podcast
Never too soon
If you ask any financial advisor when they would recommend you start panning your estate, they would probably tell you from the moment you become a legal adult. Unless you come from wealth, most 18 year-olds do not have much to their names.
It’s why you are advised to keep updating it at least every three years to reflect any change in fortune or family status. Experts agree it is best to get started once you become legally responsible for your finances. The UK’s official public record, the Gazette explains why you should prepare a will even if you are young and or healthy:
Rather than focusing on what age you should make a will, the best consideration is twofold: Firstly, you should review your overall wishes regarding your estate and secondly whether these wishes could be carried out effectively on your death, without a will.
Use these life events as prompts
According to estate planning firm, Trust and Will, more important than starting young, having a will ensures that their assets are passed on to loved ones in the event of death. Some of these life events include:
- When you open a savings account
- Health scare or loss of a loved one
- Starting a business
- Homeownership
- Marriage, divorce or remarriage
- After a child is born, a grandchild or new births in the family
According to Investopedia:
While none of us likes to think about dying, improper or no planning can lead to family disputes, assets getting into the wrong hands, long court litigation, and excess money paid in estate taxes.
Read more:
⋙ ‘Enough is enough’: Queen puts a stop to royal divorces
⋙ “I wasn’t happy”: Adele opens up about her divorce in interview with Oprah
