A lot of my clients associate big birthdays, retirement, loss of a loved one, or the arrival of a grandchild as the event that prompts them to “get their Will sorted”. Of course, the real attitude should be “the time is now”.
When talking to people about preparing a Will, people often say to me “I don’t intend to die any time soon” or “I don’t have any assets”. No one knows what is around the corner so don’t put off making a wise decision today because you would rather spend the money on something which will not help your family in the long run.
Having a Will in place is the best use of both your time and money. No matter what age you are, we all have treasured possessions and assets that we want to see in the hands of our loved ones – make sure that happens with a Will!
Here are five reasons why every adult, including a “young” person should make a Will.
If you do not make a valid Will then your estate passes under the rules of intestacy. This means that those entitled to your estate is set out by the law, rather than in accordance with your wishes. Whatever assets you own, however large or small, should pass to those who you would want to inherit them!
Provide for your spouse
A very common, but mistaken thought is that “my spouse will get everything anyway”. Wrong! If you are married and have children, your spouse will only be entitled to the first £250,000 of your estate, your personal possessions and half the remainder of your estate.
Provide for a cohabitee – the Common Law Marriage Myth Buster!
Many couples are choosing to live together before marrying or not marrying at all. If you are not married and die without leaving a Will, your partner is not entitled to a single penny. Whether you have lived together for 6 weeks or 60 years they would have to take other legal avenues to make a claim against your estate. ‘Common law marriage’ does not exist.
Pitter patter and paws
If you have minor children you can appoint a person or people under your Will to be their guardians. Or, if your four-legged companions are more important to you then you can direct who you would like to look after them. (This is proving very common to include in Wills!).
Accidents and unexpected events can (and do) happen. So don’t leave a mess behind at a time which will already be very stressful and traumatic for your loved ones.
Contact me today via firstname.lastname@example.org for an informal chat to start getting your affairs in order.