Is it Necessary to Make a Will: Everyone, not only those with hundreds of thousands of pounds in the bank – or even tens of thousands – should be thinking about what happens to their possessions after they die.
Not only do they have financial assets to consider; they also have children to consider – who will look after them? There are also pets to rehome.
Yes, thinking about your own mortality isn’t pleasant. But it has to be done for the benefit of your family. Having a legal document in place that ensures your loved ones are taken care of in the case of your death can be a great weight lifted from your shoulders.
If you fall into one of the following groups, having a Will is very important:
You’re 55 years old or older.
For many of us, growing older brings satisfaction, but it also brings disease – some of which can be serious enough to prompt us to write a Will. Lasting Powers of Attorney are necessary in the event of dementia or another serious condition that prevents you from making decisions, so that a family member, friend, or solicitor can look after your best interests.
Making a will can also mean that your loved ones won’t have to pay as much inheritance tax, and that your funds won’t be used to pay for your care if you end up in a nursing home or need regular home care.
You’re living with someone, but you’re not married to them.
Even if you have been living with your spouse for more than a decade and die without leaving a Will naming her or him as the beneficiary of your worldly possessions, they may find themselves homeless in England (if the house is in your name). Your money and belongings may also land up in the hands of your ex-partner or estranged children.
It’s difficult enough to cope with bereavement without having to fight in court for what is rightfully your partner’s.
You’ve remarried and had children from both marriages.
When there are more children involved in a second marriage, things can get complicated. Not just from your new reunion together, but also from your spouse’s previous marriage. A Will is the greatest approach to ensure that everyone receives what you consider to be their fair entitlement in the event of your future death, making things less confusing and preventing future negative feelings.
You’re a single mother or father.
Being a parent of one or more children means you’re so busy, especially if you work full-time, that you don’t have time to write a Will. Or at least that’s how it appears.
However, you fall into the category where having a Will is more crucial than the others. That’s because you need to make sure your children are taken care of if you pass away. Many single parents have never met their child’s father or mother, and many children have never met their other parent. Making a Will can be used to appoint a legal guardian in such instances.
You can also specify when your children will be able to receive any money you may have left them, such as at the age of 18 or 21. These aren’t pleasant topics to contemplate, yet they are necessary.
You’re the proprietor of a tiny company.
As a lone trader, you’ve presumably spent years, if not decades, building up your business. As a result, you’ll want your family to benefit from all of your hard work. Making a Will ensures that they will get any remaining business assets after your death. Not only that, but it would also allow you to name a business successor, such as a child or a close friend.
You’re single and have pets.
What happens to your dog or cat if you die suddenly? We are a nation of dog lovers – even more so since the pandemic – so what happens to your dog or cat if you die suddenly? Making a Will allows you to choose a friend or family member to look after your pet and provide funds for its food and care. Otherwise, the dog would find up in a shelter for dogs or cats, or worse…
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Making a Will isn’t expensive, but it can spare your family a lot of grief and financial stress during a difficult time in their lives. For example, you could leave the costs to pay for your burial.
If you want to, you can also leave substantial quantities of money to your favourite charity. Get in contact with us here at Braintree Wills today at 020 8150 2010 or admin@iwcprobateservices.co.uk to learn more about the straightforward procedure of writing a will.