Organisation is key for peace of mind. From private wealth management to Estate And IHT Planning it’s really important to get your affairs in order. But what about writing a Will? Many people struggle with this, not wanting to deal with death and bereavement. While this is somewhat understandable, creating a Will is all about putting the power in your hands, allowing you to take controls of your assets and wishes – while you still can. So, let’s take a closer look at the importance of Wills and why having one is a good idea.
Writing a Will is not all doom and gloom
Wills and death go hand-in-hand. That’s undeniable. But it’s not all doom and gloom. A Will is a very important document that allows your voice to be heard beyond the grave.
And there are many reasons for writing one. A Will can ensure that:
- Your estate goes to people of your choice
When a person dies without leaving a Will, their property (estate) must be shared out according to very specific rules called ‘the rules of intestacy.’ This means the people you really care about might miss out.
- Your children are financially secure
Creating a Will puts you in control of your finances and any fortune you might have. For example, you may wish to make future financial plans for any children or dependents by putting money aside for their education or allowing them to receive a set amount per year for clothes, hobbies and entertainment.
- Any stepchildren are provided for
Without a Will, the law favours blood relatives. But writing a Will allows you to specifically provide for any stepchildren or relatives that might have played a significant role in your life.
- Your partner is protected if you’re unmarried
These days, many people choose not to get married. Unmarried partners are often completely unentitled to your estate unless you state otherwise in a Will. Writing a Will financially protects your nearest and dearest.
- Your wishes come true
Writing specific gifts into a Will is not uncommon. You can gift friends, relatives, charities and so on things such as money and treasured possessions. This is a lovely way of sending a message of appreciation to those who meant a lot to you in life.
- You can choose your children’s guardian
Should something happen to you, it’s important to choose a legal guardian for any children under the age of 18. Writing a legal Will gives you full say and prevents the family courts from getting involved.
What if I write a Will but my life changes?
People change. Situations change. Relationships change. But if you’ve already created a Will, don’t worry. Wills can be adapted and the most recently signed one will be valid. Codicils or Letter of Wishes can be added to existing Wills if you want to make changes. Or, your will can be totally rewritten if needs be.
Think about writing your Will or updating an existing one for ultimate peace of mind. Remember, if you don’t have a Will, the law will make decisions on your behalf and this might not at all reflect how you lived your life.