Many people assume that Wills are only needed later in life. However, having a Will is important regardless of your age. Having a properly drafted Will in place can provide certainty, protect your loved ones and ensure that your wishes are carried out after your death.
It is a common misconception that people in their 20s, 30s and 40s do not need a Will. As a result, many people postpone making one because they do not view it as a priority. In reality, if you have assets, responsibilities or loved ones, a Will is worth considering. Unexpected events can occur at any stage of life, and having a Will in place ensures that you are prepared for the unforeseen.
What happens if you die without a Will?
If you pass away without a Will, your estate will be distributed according to the Rules of Intestacy. This means that your estate may not pass to the people you would have chosen to benefit.
This is particularly relevant for unmarried couples. Regardless of how long you have been together, unmarried partners are not automatically entitled to inherit under the intestacy rules. Without a Will, your partner could be left without any entitlement to your estate.
Protecting your children
Making a Will becomes even more important when you have children. In your Will, you can make provision for your children, such as through the creation of trusts. A Will allows you to make financial provision for them, including the creation of trusts to manage their inheritance until they reach an appropriate age.
A Will also enables you to appoint guardians for any minor children. This allows parents to nominate who should care for their children if both parents were to die before they reach adulthood, providing reassurance that their children will be cared for by people they trust.
You may have more assets than you think
It is also important to consider making a Will because you may have more assets than you realise. When you pass away, your estate is made up of all the property and assets you own at the time of your death. This includes things such as:
- Property
- Savings
- Investments
- Digital assets; and
- Personal belongings
Even if you do not consider yourself wealthy, it is important to ensure that these assets pass to the people you intend to benefit.
Making things easier for your loved ones
Losing a loved one is an emotional and difficult experience. Having a Will in place can make the administration of your estate significantly easier for those left behind.
Making a Will allows you to appoint executors who will be responsible for administering your estate. This could be a family member, friend or professional, such as a solicitor.
By clearly stating your wishes, a properly drafted Will helps to minimise the risk of disputes and provides a smoother process for your loved ones during an already difficult time.
Your Will can change as your life changes
One of the key reasons people fail to make a Will is because they believe their circumstances will change. Whether that involves moving house, having children or getting married, the reality is that your Will should not be viewed as a one-time document. It should be reviewed and updated throughout your life to reflect significant changes in your circumstances.
Conclusion
A Will is far more than a document that simply distributes your wealth; it is an opportunity to protect your loved ones, choose who administers your estate and ensure that your wishes are respected.
Regardless of your age, level of wealth or property ownership, having a professionally drafted Will can provide valuable peace of mind.
If you have recently bought a property, started a family, moved in with a partner or experienced any other significant life event, contact our Wills and Probate team to discuss your needs and how we can assist. Contact us today on 0161 696 6238 to speak with our specialist solicitors.
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