“Wills are only for older people”
We hear this so often. Many people think the idea of making a Will and lifetime planning in is reserved for those aged over 60 or 70, or perhaps even older! This is most certainly not the case. Any person aged 18 and over should consider making a Will and it is essential that those with specific circumstances do so. It is imperative that you have a Will in place especially in the below circumstances.
Parents: It’s vitally important that a parent states who they would wish to look after their child or children if they and the child’s other parent die while their child is under the age of 16. Appointing a Guardian in your Will makes your wishes clear.
Property Owners: Anyone with a mortgage should consider what happens to their property when they die. If jointly owned, the joint owner will automatically inherit the whole of the property. However, what of a single property owner or those who own the property as tenants in common (e.g. 50/50 ownership)? A Will should determine who you wish to leave your property to.
Anyone with Assets: Whether it be money in the bank, a car, jewellery, a collection of musical instruments, most adults own something. Making a Will can ensure that what you own is gifted to the people you want to benefit when you die.
Divorcing couples: If you die before divorce proceedings are finalised, your spouse could inherit all your assets which is unlikely to be the preferred option, given the circumstances.
Dying without a will means your estate will pass in accordance with the rules of intestacy which could ultimately mean that your assets won’t necessarily pass to the people you would prefer to benefit, for example, those in long term relationships may find it more desirable for their estate to pass to their partner rather than to their parents. Those that are married may prefer for their whole estate to pass to their spouse rather than it being divided between their spouse and any children that they have, which is even more relevant to those in a second marriage/ blended family.
It’s so important that everyone has a Will in place, but we understand the reasons some people delay making one. For more information or an informal meeting about making your Will, please contact our team.