Should I make a will at this time and what should I consider beforehand?

Adamc

Hi all 

I recently got married and I am around 30 years old. No kids currently but we hope to.  

I got an email from work offering a free will writing service. I am just wondering if I should take up the opportunity and if so what should I consider before writing a will? 

Many thanks 

MovingForwards

Yes

Think about who you want to have what, and if that person (or persons) die before you who you want as back up to receive your things.

Do you want to be buried, cremated or something else.

Who do you want to carry out your requests and back ups just in case the original one(s) can't or won't do it.

On a side note, make sure all your pensions have expression of wishes completed and submitted to the pension company (or companies). These usually fall outside your will.

Review it all every 5 years or with a major change eg having kid(s), divorcing, someone named in the will dies before you etc.

Most times companies send a questionnaire for you to fill in, as it gives you time to think about various things.

Adamc

MovingForwards said:

Yes

Think about who you want to have what, and if that person (or persons) die before you who you want as back up to receive your things.

Do you want to be buried, cremated or something else.

Who do you want to carry out your requests and back ups just in case the original one(s) can't or won't do it.

On a side note, make sure all your pensions have expression of wishes completed and submitted to the pension company (or companies). These usually fall outside your will.

Review it all every 5 years or with a major change eg having kid(s), divorcing, someone named in the will dies before you etc.

Most times companies send a questionnaire for you to fill in, as it gives you time to think about various things.

Thanks for the tips. I have an NHS pension and have yet to state my nominated person. 

csgohan4

Adamc said:

MovingForwards said:

Yes

Think about who you want to have what, and if that person (or persons) die before you who you want as back up to receive your things.

Do you want to be buried, cremated or something else.

Who do you want to carry out your requests and back ups just in case the original one(s) can't or won't do it.

On a side note, make sure all your pensions have expression of wishes completed and submitted to the pension company (or companies). These usually fall outside your will.

Review it all every 5 years or with a major change eg having kid(s), divorcing, someone named in the will dies before you etc.

Most times companies send a questionnaire for you to fill in, as it gives you time to think about various things.

Thanks for the tips. I have an NHS pension and have yet to state my nominated person. 

if your married it defaults to your spouse
https://www.nhsbsa.nhs.uk/employee-section/understanding-my-statement/make-or-change-nomination

user1977

Have a think about what you might own by the time you die (e.g. are you likely to inherit from anybody else), and what you want to happen to your estate depending on who might have died before you. Yes, you can update your Will as many times as you like before the inevitable happens (or at least, whenever you cease to have enough capacity to make a new one) but best to assume you might not get round to it.

mgfvvc

Look at the current intestacy rules. If they match what you would want to happen in the event of your death then you don't need a will, otherwise you should have a will. You may also want to consider the inheritance tax position. If the value of your estate may be enough to be subject to inheritance tax then I would suggest consulting an appropriate professional to plan to minimise the IHT liability. An appropriate professional for these purposes is probably a solicitor who is a member of STEP, the Society of Trusts and Estates Practitioners.

user1977

MovingForwards said:

Do you want to be buried, cremated or something else.

Don't rely on the Will to communicate your funeral wishes - often nobody bothers looking for the Will until after the funeral... 

MovingForwards

user1977 said:

MovingForwards said:

Do you want to be buried, cremated or something else.

Don't rely on the Will to communicate your funeral wishes - often nobody bothers looking for the Will until after the funeral... 

Oddly enough people do, but it's also worth telling family your wishes.