Making a Will is not just for those with money or several properties. Everyone should make one, and if you have children under 18, it’s hugely important for their wellbeing.
It’s a common misconception that you only need to make a Will if you have a significant amount of money, property, investments or other assets. But nothing could be further from the truth. Writing a will is crucial if you want protection and peace of mind, knowing that your final wishes will be followed.
Making a Will becomes even more critical if you have children under the age of 18 and you want to ensure they’ll be cared for in a way you’d be happy with should your partner also die without a Will.
You could view a Will as a tool that works alongside estate planning and putting a Lasting Power of Attorney in place. Collectively, they save loved ones from stress, upset and extra admin when you pass away. They are a gift to your nearest and dearest, because dying without organising these things makes bereavement even more difficult for those left behind.
Key reasons to make a Will
If you die without making a Will, you’ll ‘die intestate’ – a legal term meaning the government asks the courts to decide who inherits whatever you’ve left behind, from your home, car and jewellery to furniture and other belongings.
The process of resolving who has the right to your possessions can take a long time: between six to 12 months, or even longer. Dying without a Will leaves space for family upset and arguments – not a legacy most of us would wish for.
Without a Will, if you have children under 18 and your partner also dies with no Will, they have no legal guardians. It cannot be assumed that grandparents or other next of kin will automatically be given the right to care for your children. The local authority will assume responsibility, and your children will be taken into care – a process that can take many months.
Circumstances can change
A Will is legally binding, but can be changed if circumstances change. For example, if you’re married or in a civil partnership but split up and your ex-partner now lives with someone else, you can change your Will so that your assets don’t go to them in future. By putting a Will in place, you can discuss tax liabilities – you might be able to reduce the amount of tax payable with estate planning.
Making a Will is also an opportunity to consider putting a Lasting Power of Attorney (LPA) in place. An LPA makes life easier for your loved ones if you lose mental capacity, and means they have certain powers and rights.
Through our trusted partners, we can help with wills and estate planning.