It’s a common misconception that Wills are only needed by the wealthy, such as those with mansions and complex financial situations. But in reality, everyone should have a Will, no matter what assets they have or what their financial situation is.
This is because a Will isn’t just about money – it’s about making sure your final wishes are fulfilled and that your loved ones are protected. In this article, we take a closer look at Wills and explore why everyone should consider making one, regardless of how much money they have.
Will my assets pass to my partner, spouse or children automatically?
One of the main reasons many people deem they do not need to make a Will is because they believe that their estate isn’t big enough to need one, and that anything they have will automatically go to their partner, spouse or children.
Unfortunately, this isn’t always the case. Without a Will in place, it is down to the Courts to decide who inherits your assets – and it may not be the people you would have chosen. Leaving a Will protects your loved ones, ensures your wishes are respected and can reduce disputes.
What does a Will do?
A Will is more than just a document that determines who should inherit your money, property and other assets. It’s a way of setting out how you’d like your affairs to be handled in the event of your death. You can use your Will to:
- Decide who the beneficiaries of your possessions are
- Appoint guardians for your children under the age of 18
- Make provisions for pets
- Detail wishes for your funeral and final wishes
A Will helps ensure your wishes are met, and also helps make an already stressful and emotional time a little easier for your loved ones.
What are the risks of not having a Will?
If you die without a valid Will in place, it’s called dying intestate. The rules of intestacy can lead to outcomes you might never have wanted, such as:
- If you are not married, your partner may not inherit your money and property.
- Children may inherit at a young age with no rules around asset management.
- Sentimental personal items may go to the wrong people and lead to upset in the family.
- It can take a long time for your estate to be settled if the Courts have to get involved.
- Support for charities will not be carried out.
Without clear guidance, your estate is handled by a set of rigid rules rather than your personal wishes.
Why Wills are important for everyone
Something as simple as leaving your grandmother’s wedding ring to your daughter to ensuring pets are cared for in the right way, can all be set out in your Will. This makes them important for everyone to have. They’re particularly important if you have children or are an unmarried couple that’s living together.
Are you ready to make your Will?
If you’d like peace of mind that your loved ones will be looked after and your wishes fulfilled after you’ve gone, then take the first step in making your Will today.
At Hughes Probate, we’re here to guide you with clear advice and a friendly, approachable service. Please get in touch with Julie, and we can catch up over a cuppa.
