Do You Need a Will?
There is a common misconception that only older people need to have written a will. This clearly isn’t the case as death can visit all of us at any time. The decision as to whether you need a will or not isn’t as clear cut as you might think.
To help you along in your decision, we’ve drafted a handy guide detailing exactly what you need to know concerning all matters wills, finances and family.
What is the Purpose of a Will?
Simply put, writing a will is necessary to ensure that your assets are distributed to the people you want them to be in the event of your death. If you die and don’t have a will, the state is free to decide where your assets go, leaving you with no say in the matter.
- In the event of no will being present, your spouse and children will inherit your estate.
- In the event of you not being married or having any children, the distribution process becomes more complicated.
People Who Are Married
If you’re married, you should have a will. Your spouse will be set to inherit automatically without one, but this shouldn’t be left to chance. In addition, there may be specific criteria that you wish to be followed which wouldn’t otherwise if it were left to the laws of intestacy.
If you would like someone in addition to your spouse inheriting your assets, this will need to be put into writing.
People Who Have Children
Your children will also be set to inherit in the event you haven’t written a will. Issues arise when this legitimacy is contested or other factors come into play. For this reason, all parents with young children should be in a possession of a will.
It might be the case that you want your children written out of inheriting any of your assets. If this is the case, this will need to be written into a will otherwise your wishes won’t be able to be communicated.
People with Considerable Assets
Needless to say, if you are in possession of a significant amount of assets, it is in your best interests to ensure that they are distributed appropriately. If you don’t have a will, there may be people who you would have liked to have seen benefit, unable to.
If you don’t have any children and are not married in this instance, the state may inherit your estate, leaving the rest of your family with nothing.
Young Adults with No Assets
If you’re young, aren’t married, have no children and have no assets, you may not need a will. In this instance, your will might only contain instructions on what should be done in the event of your death by way of your funeral.
For further advice, we suggest getting in touch with a solicitor who will be able to further explain the process and answer any questions you may have. Will making services in Nottingham are available to all those who wish to have a will written or need advice on an existing one. The costs involved will usually be quite reasonable.
Getting this process right is the difference between potential confusion and hardship and your loved ones being looked after, after you’re gone.