There is no set or appropriate time to make a Will. Creating one has nothing to do with age (although most countries have put into place age restrictions on the making of Wills), wealth or state of health. Seemingly insignificant assets can be protected by Wills, trust or any other means of estate planning.
A Will is an instrument by which a person makes provision for the disposition of his property after his death. The loss of a loved one is a hard ordeal for most and the last thing anyone would want to do at that point is to engage in conflict over an estate. It is an effective means of minimising conflict and protecting one’s loved ones from dealing with bureaucracy at a time of sadness. A valid Will specifies how each property of the demised should be distributed and the testator’s wishes are often followed precisely.
As death is inevitable and in most cases unpredictable, it is necessary that anyone who owns assets make a Will. However, some life changing events make this even more necessary. Getting married, getting divorced and having kids are significant changes to one’s personal relationships. Writing one would reflect one’s intentions for these persons after death.
Some other events that make the writing or changing of an existing Will important are when a person acquires new assets, when a person has started a new business or when a previous Will is simply out of date.
A man who dies without a Will has lawyers as his heirs. The process of obtaining letters of administration is a tiresome one and requires the services of lawyers. These lawyers would need to be paid and these payments would be made out of the estate of the deceased person. Leaving it minimises costs and ensures that the bulk of one’s estate goes to one’s beneficiaries.
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