Why you need a will, whatever your age or wealth
Dying without a will can leave your family facing delays, costs and disputes. Why a will matters, what it should cover and how to make one.
Many people put off making a will because they think they are too young, do not own enough, or simply do not want to think about death. Yet dying without a will can leave your family facing long delays, extra costs and painful disputes, sometimes with your property going to people you would not have chosen. A will is one of the simplest and most caring things you can do for the people you love. This guide explains why you need a will, what happens if you die without one, what a will should cover and how to make one.
What happens if you die without a will?
If you die without a valid will, you are said to die intestate. Your property is then shared according to the inheritance laws of your country, not according to your wishes. Those rules may not match what you would have wanted: an unmarried partner may receive nothing, children from different relationships may be treated in unexpected ways, and relatives you are not close to may have claims. The process of getting authority to manage your estate can also take longer and cost more, leaving your family without access to funds when they need them most.
Why a will matters, whatever your age or wealth
You decide who inherits. A will lets you leave your property, savings, land, business and personal items to the people and causes you choose.
You protect your children. If you have young children, a will lets you name guardians to care for them, rather than leaving the decision to others.
You reduce family conflict. Clear written wishes reduce misunderstandings and disputes between relatives at an already difficult time. This is especially important for land and family property.
You choose who manages your estate. A will names an executor, a trusted person who collects your assets, pays debts and distributes what is left.
You can include specific wishes. Funeral preferences, gifts to charity and arrangements for a family business can all be set out.
What a will should cover
A basic will names your executor, lists who should receive your property and in what shares, names guardians for children under 18 if relevant, and states what should happen to anything not specifically mentioned. It helps to keep a separate, up-to-date list of your assets and where to find the documents: bank and mobile money accounts, pension and insurance policies, land titles, shares and business records. Many people lose track of pensions and insurance policies that their families never discover.
How to make a will
The legal requirements for a valid will differ between countries, but usually the will must be in writing, signed by you and witnessed by people who do not benefit from it. Using a lawyer or a reputable will-writing service helps make sure your will is valid and clear, especially if you own land, run a business, have children from more than one relationship or own property in more than one country. Store the original safely and tell your executor where it is kept.
Keep your will up to date
Review your will after major life events: marriage, divorce, the birth of a child, buying property, starting a business or the death of someone named in it. In some countries, marriage can cancel an existing will, so check the rules where you live.
A will and the rest of your planning
A will works best alongside other protection. Life insurance can provide money for your family quickly, and naming beneficiaries on pension and insurance policies helps funds reach the right people. Read which insurance you need and our guide to retirement planning by age.
Frequently asked questions
What happens if I die without a will?
Your property is shared according to your country's inheritance laws, which may not match your wishes, and the process can take longer.
Do I need a will if I do not own much?
Yes. A will also names guardians for children and an executor, and covers savings, pensions and personal items.
How often should I update my will?
Review it after major life events such as marriage, divorce, having children or buying property.
Sources
This article is general information, not financial advice.