When should I write a Will?
A misconception many of us have is that writing your Will is something you do later in life. Thinking about your Will feels uncomfortable for many; however, once it is in place, we can rest knowing our family is taken care of in case the worse happens.
We have created a timeline of events that happen throughout our lives and why it is essential to have a Will at these stages.
Purchasing A Property
Whether it is our first home or an investment property, a house is a significant part of our estate. Property is the single largest purchase many of us will make and where the funds lie to protect our loved ones if the worst happens.
As soon as we have a significant change in our estate, we need to get a plan for who will be the beneficiaries; if not, the decision will be down to the intestacy rules.
Marriage And Divorce
Getting married reflects a change in personal relationships, meaning we most likely have changed who we would prioritise as our beneficiaries. If you already have a Will before marriage, it will no longer be valid unless specific instructions are followed.
Likewise, if you have had a divorce, who you now prioritise will have changed; without making a new will, your ex-partner could still inherit if anything happened.
Having A Child
We would do anything for our children, and it is crucial to have a plan in place to protect them when we’re not around anymore. A Will can state who you appoint guardianship of your children when you pass. In cases where both parents are deceased, it will be left to the court to decide who will take care of your children.
Once you have appointed guardianship, you can then start to specify what you will be leaving to your children. Many factors can be included in a Will to provide extra protection. If you have young children at the time of your passing, a trust can be implemented. A Trust will guarantee they are taken care of until they’re of an age you feel is appropriate to inherit the estate.
Starting Your Own Business
Not only does having your own business contribute to your estate you also need to consider what will happen with it once you pass. Leaving your family to decide what happens if you do not have a plan in place can be distressing for them. It is a good idea for every business owner to establish with the planned beneficiaries beforehand what will be expected of them when the time comes.
So, When should I write a Will? More often than not, if you find yourself asking yourself this, then you are more than likely at a stage to get one in place.
If you feel like anything in this article applies to you and want to find out more about our will writing services, please get in touch, and we will be happy to answer any questions you have.
Once it is in place, we can rest knowing our family is taken care of in case the worse happens.
