Are you winging it hoping everything will fall into place? Well, you’re not the only one!
A whopping 63% of Brits do not have a written will in place and less than half (41%) of over-55’s have an up-to-date will. This begs the question do you really need one? The answer is an almighty, resounding HELL FREAKING YES!
Wills are not just for the filthy rich. If you want to protect the ones you love, (and I mean who doesn’t?), you must have a will in place to ensure your money and assets go to the right people and minors are properly taken care of. No matter how big or small your fortune is, a will guarantees that your wishes are heard, and so by writing a will you safeguard a smooth legal transition of your assets.
It's pretty daunting to think about our own death. Still, tragedies occur and if you die suddenly without a will in place, a court will decide on your behalf who gets what. As you can imagine, this can lead to quite the predicament for those you leave behind as no court is to know exactly what your intended wishes were, and therefore it may cause confusion, stress and anxiety for your nearest and dearest at what is an already crushing time.
If that hasn’t convinced you to get your affairs in order, read on for 8 reasons why you need to write a will ASAP.
By writing a will you are in control of your wishes. You’re able to choose who will benefit from your estate and who is entitled to what. Without a will, your assets will be distributed per the Intestacy Rules, which are determined by the government and may generate hostile results.
Without a will, you cannot control who handles your finances. Instead, the law sets a hierarchy of who manages your financial affairs after death, which can come with problems of its own such as the person's age, health, and geographical location.
The Intestacy Rules do not consider your personal relationships. This means if you and your partner were not married, under the Intestacy Rules they would receive nothing. Of course, your partner would have the opportunity to apply to the courts to argue the provisions if they considered it unfair, but as you know this may trigger huge expenses and stress for your partner in what is an already overwhelming time. By opting to use a qualified solicitor to assist in writing your will, the chance of dispute after your death is hugely reduced.
Generally, if there is a will in place it is much quicker, cheaper, and less stressful to administer an estate. If there was no will created before one dies, your estate may authorize genealogical research to find any lost or unknown relatives. Not only is this massively time-consuming, but it costs a pretty penny too.
When you officially write your wishes into a will, you are able to preserve assets for beneficiaries, usually your loved ones. For example, if you hope to leave your home to your partner and your business to your two children, you can clearly state this before you pass away. Without doing so, Intestacy Rules provide a division for your whole estate, thus if more than one individual is due a share of a certain asset, that particular property could be put up for sale instead, leaving your dependents in the lurch.
A will puts provisions in place for those who need it. If you are married but have children from a previous relationship, you can put provisions in place so they will inherit a portion of your estate. If you fail to do so, they could end up with nothing as the Intestacy Rules could result in all marital assets going to the surviving spouse. When they pass, the assets will then be passed down to their children leaving your firstborn without a dime.
When you write your will, you can elect people to act as guardians for your children. By doing so you ensure that they’re taken care of without any issues while also offering yourself peace of mind while you’re still here.
We usually shy away from the topic of funerals unless absolutely necessary. You can’t blame us, who wants to think about planning a funeral for their loved ones?
Writing a will allows you the opportunity to record your funeral wishes alongside everything else. This not only ensures your final wishes will be fulfilled, but it also provides your loved ones with guidance in executing those wishes precisely.
While we're on the topic of will writing, have you read the most weird, wild, and wonderful wills ever written yet? If not, you must!
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