First and foremost, a will is what tells everyone what should happen to any finances, possessions or property you have after you die. These are typically referred to as your “estate” in a will, and if you decide not to leave a will, the law will decide how your estate is divided and where it should go.
Reasons why you need a will, despite your age
We see a will as something that we write when we’re older and more likely to pass on, but the truth is, many people make a will when they’re younger and try to update it once a year.
A will makes it much easier for your loved ones to sort everything out when you pass, without a will, the process can be much more stressful and time-consuming; not something that family wants to deal with when they’re grieving.
You can also reduce the amount of inheritance tax that might end up being paid on the value of your estate if you write a will.
Writing a will is especially important if you have children or other family who depend on you when it comes to their own finances. Without your will, your estate could end up being given to the wrong family members.
Wills also help the court decide who will take over the guardianship of any of your children. Without a will, the court will take it upon themselves to choose from your remaining family members or appoint an appropriate guardian. Having a will allows you to appoint a person to raise your children, or even make sure that certain people don’t end up with your children.
With a will, you can disinherit individuals who would otherwise stand to inherit your estate. Most people do not realise they can disinherit individuals out of their will. Because wills specifically outline how you would like your estate distributed, without a will your estate may end up on the wrong hands or in the hands of someone you did not intend to inherit it – like an ex or an estranged family member.
You can always change your mind
Wills are regularly updated by individuals who have one. It’s typical to update your will at least once a year, or even more. Depending on the circumstances of any relationship that you have with other people, you can update your will to reflect who you are willing to give your estate to, and who you would rather not see any of it.
Tomorrow isn’t promised, which means that it’s vital to create a will as soon as you feel you are ready to (or your solicitor suggests that you should). There are a lot of common reasons for not wanting to write a will, but the matter of the fact is that you should. Seek out a solicitor who has experience writing wills and let them assist you in putting all of your affairs in order so that you and your family can have peace of mind.