Making a Will
Making A Will In Old Age - Is Time Running Out?
For many people, the making of a will is a sombre and almost final occasion, marking the acknowledgement of your mortality and making preparations for the end of your time on the Earth. While there is no designated point in your life to make a will, instead of being at the discretion of each individual, there are both good and bad points to making a will at an earlier age and at an older one. But if you choose to make a will at an older age, towards the end of your life, what implications does this have for the things you leave behind?
When is the best time to make a will?
With regards to the question of time, there is no correct time to make a will. For many people, it will be a combination of time and circumstances, with many choosing to make a will towards middle age when they've accumulated many assets and have their own estate with which they can pass onto their children or grandchildren. For others, they will make a will at a younger age, due to perhaps having small children, to ensure a secure and stable future for them, by giving instructions on how they should be raised and by whom. It’s part of every person's life and a task that needs to be done, with some leaving it until they become old and nearing the end, with others choosing to get it secured and sorted younger. It is all dependent upon the circumstances in which you find yourself as you age and get on in life. Eventually, the time will arrive when you feel it is right to make a will.
Are there disadvantages to making a will later?
To be honest, there’s both pros and cons to making a will later on in life. The primary advantage to making a will when you’re older is that there are no longer any children who are too young to look after themselves, as most people will have grandchildren by that stage, and the thought of being able to leave them a sweet memory and a lump sum to help them improve their own lives is something most parents would do happily. As well as this, by the time they’ve reached the age where the time to make a will is short, most people will own a property and have many assets and estate to leave to their children, in comparison to those people who are only just starting out in life.
However, making a will when you’re older is sometimes a risky thing to do. The older we get as people, the more our own mortality becomes a pressing concern, with many old people dying quite suddenly despite seeming in relatively good health. With this thought in mind, the longer you leave making a will, the more risk there is of dying without one, and your estate and assets will then be contestable by the entire family for ownership. Some people, of course, may have no particular inclination as to what happens to their estates once they’ve passed, and thus find a will to be pointless.
Overall, the concept of making a will when you’ve become older is entirely dependent upon the individual, and thus cannot be dictated by any rules or regulations. It’s completely at the discretion of the person making the will, there will obviously be pros and cons to making a will earlier rather than later, but it’ll be primarily down to the current circumstances in your life as to whether or not a will is required as a matter of necessity, or can instead be delayed until you’ve reached a comfortable period in your life and can sit down to think about the details correctly.