It is never too early to write a will and even those who are young, fit and healthy should consider what would happen if the unexpected occurred.
According to an article in the Scotsman, failing to write a will to determine how your assets should be distributed on death could be stressful and expensive for all concerned.
"Dying without a will may result in costly legal procedures, thus reducing the value of any assets going to named beneficiaries and causing inconvenience and distress to dependents," it warns.
Writing a will as early as possible is therefore advisable to prevent the courts from making decisions about who should receive your assets.
The article also states that wills should be updated regularly, particularly following major life events such as the birth of a child or a divorce. Reviewing a will regularly is therefore even more important if it was written early on in life.
Thomas Curtiss, a fellow at the American College of Trust and Estate Council, told VideoJug that as soon as a person begins to accumulate assets such as savings or property or start a family they should consider making a will.
Published on: July 14, 2008