We all know we should make a Will. But for many of us, we’re not really sure why we should. This means that the vast majority of us put off doing it until much later in life, which can sometimes be too late, especially if we are lacking capacity to do so through illness.
So we’ve put together 5 (of the top) reasons (there are many more) for why you should make a Will now, rather than putting it off until later.
1. A Will lets you leave specific instructions about how you want your estate to be divided.
This means that your wishes will be taken into account. If you don’t have a Will, then your estate will be subject to the strict rules of intestacy. This means that your things may not be given to the family and friends you’d have chosen. By having a Will in place, it gives you total control in choosing who your beneficiaries are.
2. If you have children, a Will lets you choose and appoint guardians for them.
This is an extremely important one if you’re a parent or have parental responsibilities to a child. You can state in your Will who you would like to look after your child in the event of your death. This gives you peace of mind that they will be well looked after and cared for no matter what the future holds.
3. If you have remarried, you can ensure that any children from your first marriage get a portion of your estate.
This will likely affect increasing numbers of people. If you remarry but have children from a previous relationship, having a Will in place will make sure they are well provided for which may not happen if you don’t have a Will.
4. You can leave specific things to individuals in your Will.
You can put almost anything in your Will. This means you can be very specific and list particular items you would like to leave to certain individuals. For instance, you could leave a family heirloom to a cousin and your music collection to your nephew etc. There is not this level of specificity without a Will, so the only way to ensure your wishes are carried out, is to put them in a Will.
5. You can decide what will happen to you.
When making a Will, you are probably thinking about your loved ones and how best to take care of them. However, you can also express your wishes for what happens to you after your death. If you want to be buried or cremated or if you want to specify any funeral arrangements, you can put all of this in your Will.
If you would like any more information on Wills, what to include and why it is important to have one, then please get in touch.
For more information on wills, please visit our pages on wills here.
Or speak to one of our specialist legal team on 0800 614 722.