A Will is an essential document that sets out how you want your assets to be dealt with when you die. The reality is that you can make a Will at any time you want, although there are certain times in your life when making a Will may be more necessary than others. We will explain in more detail when you should make a Will.
At what age should you do a Will?
Anyone can make a legally valid Will from the age of 18 years. However, some actions or life-changing milestones may necessitate writing a Will.
Having Children: You could use a Will to appoint your children’s guardian and have control over who cares for your children when you die. In addition, you may want your assets to be left to your children when you die. This may be especially important to clarify if you have stepchildren for instance.
Marriage or Divorce: A Marriage or divorce will bring significant changes in your relationships and the beneficiaries named in your Will. An existing Will is automatically revoked if you get into a civil partnership, marry or remarry. A divorce will exclude your ex-civil partner or ex-spouse from your Will.
Buying a Home: Buying a property, including a home, changes your estate’s value. Making a Will will ensure that your property goes to the person/people you want it to.
Starting a Business: Drafting a Will allows you to decide how to divide your business assets and who will take over the business if you die.
Specific Funeral Wishes: You can use a Will to give instructions on your funeral arrangements, such as whether to be buried or cremated and the religious practices to follow. Although funeral wishes are not binding to executors, they can help your family members in decision-making and avoiding disagreements.
Is it necessary to make a Will?
Making a Will is not mandatory, but it is a good idea. If you do not have a Will, you die ‘intestate’, and the intestacy rules are used to share your estate. Your estate might go to spouses or family members you do not want to benefit from your Will.
Even after drafting a Will, it can be contested on the grounds of validity, therefore it is a good idea to have a Will professionally written.
How can GloverPriest help?
We recommend that you create a Will and renew it whenever you feel it necessary to do so based on your situation. Having a Will is essential because:
It specifies your wishes regarding your property’s distribution.
You can make arrangements for child care when you die.
Your unmarried partner (cohabitee) can only inherit your property if there is a Will.
It can reduce tax payable on inheritance.
It allows you to factor in changes in circumstances, such as marriage or divorce.