We often avoid thinking about our deaths because it can be scary and unsettling… but making a will is definitely worth considering
What is a will?
A will is a legal document that you create before you die. It expresses your wishes as to how you want all of your assets to be distributed after death. You can also add information like who you’d like to take care of your children and pets.
You are in Control
Making a will helps you maintain control even in death, so that your wishes are met. Your assets go where you choose, to whichever family member, partner, friend, or charity you specify.
It also allows you to appoint guardians for your children, rather than this decision being left up to the local authorities or courts. Therefore, you know that your children will be properly cared for, by who you want, when you die.
Caring for Your Family
Making a will means you can provide for your family (or whoever else you choose) in death. If the family home is in your name, it is a good idea to create a will to ensure your family inherits your share of the property, or right to reside in it, so that they don’t lose the family home.
What Happens if You Don’t Make One?
If you don’t make a will, the courts will have to name someone to administer your estate. This decision may not be the same as what you would have made.
The process of naming an administrator can prove time-consuming and expensive for your loved ones. Also, there may be lots of bickering over who believes they should inherit what…by making a will, speculation is removed as you are clearly laying out what you want to happen to you and your assets. This will likely help prevent arguments and family divides.
Making a will means that all of the arrangements and decisions surrounding your estate aren’t completely left up to your family… bereavement is difficult enough as it is.
Dying Intestate
If you die without having written a valid will, you’ve died intestate. This means that your estate has to be shared out according to different rules, as you haven’t stated otherwise.
Under intestacy, only married/civil partners and close relatives can inherit your assets. It is particularly important to create a will if you have an unmarried partner or step-children whom you wish to pass your estate onto.
There is a whole host of rules regarding intestate death… check out the citizens advice website for more detailed information.
Listen up Newlyweds!
When you marry, your existing will will automatically become invalid in England and Wales, so you must update it.
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