Having a will mapped out for you by a legal expert can offer valuable peace of mind and assurances if you’re seriously ill or elderly, but what about if you’re younger and in fine health? Or don’t believe that you own enough assets to make a formal will worthwhile? Plenty of myths persist around the necessity of a will in these instances, but the legal minds at Richards & Lewis are here to help you separate the fact from the fiction. Read on and allow us to take you through all you need to know.
A Will Isn’t Worthwhile If I’m Not Wealthy
Though it may seem the logical decision not to have a will produced if you aren’t financially thriving, this isn’t all there is to an agreement. Your will sets out who will inherit anything you own when you pass away – so having a small estate does not make a will any less important. Allocating your possession, items and any amount of money (however small) is still important to most people.
With a will, you can also choose guardians for your minor children, name caretakers for your pets, write your funeral wishes, and much more. Even if you do not own property either, reviewing your situation every five to ten years is crucial to see whether your circumstances have changed – after all, if you inherit property or your conditions differ, this is an important reason to change the agreement.
A Will Can Never Be Changed
It’s a common myth that a will is set in stone once it has been drafted and completed once – as you can change your dedicated will at any time as long as you have capacity to do so. Personal circumstances change as time passes by, and your personal wishes may change too, therefore reviewing your will will ensure it reflects your circumstances at any point in time.
Of course, any changes must be overseen by a relevant legal professional, and changes won’t be formalised unless this is the case. If you alter the document in any way, the amendments are not legally valid. You need to either draw up a separate document called a codicil that refers to your original will and details the specific amendments you are making, or you can make a new will altogether in the presence of witnesses.
Young People Don’t Require A Will
Another persistent myth that many people take at face value is that young people don’t require wills, often due to a lack of assets, funds or responsibilities. At Richards & Lewis, we believe that a will is important for every adult, no matter their age. If circumstances change in the future, you can always amend your will, but having one in the first place which sets out your preferences is the important thing.
Regardless of age, there are common milestones in life that should prompt you to make a will, such as buying a property, getting married or having children, which aren’t directly linked to your age. Having a will in place can give you the peace of mind that, no matter what happens, you’ve put your affairs in order and protected your loved ones.
At Richards & Lewis, our small team of solicitors are dedicated to bringing you the very best advice and guidance concerning property conveyancing, divorce settlements, wills, child law, care proceedings and more. Between us, we have a wealth of experience and expertise to draw upon to help you get the best legal aid possible, so contact us today.
