A will is the only way to make sure your money, property, possessions and investments (known as your estate) go to the people you want them to. It’s a common misconception that even if you aren’t married to your partner, they will still inherit your estate, however, if you do not have a will in place then your estate will be distributed following intestacy rules. It’s never too early to write your will and doing so can save your family a lot of stress once you’re gone.
Here are some top indicators that it’s time to write your will.
When is the best time to write a will?
As mentioned, it’s never too early to think about writing a will as the legal age is 18 years upwards. For most people, when they start to build a personal estate such as purchasing a home, saving large sums of money or owning a lot of possessions then writing a will is a sensible choice. Furthermore, becoming a parent is also a great time to begin getting your affairs in order.
When you buy a property whether it’s the house that you live in or a property that’s part of your portfolio, this represents a change in the value of your estate. If you would like to pass on particular homes to certain people or allow your child to continue living in a property when you pass away, a will is required.
Getting married marks a change in the beneficiaries named on your will or if you don’t have a will in place there is no guarantee that your assets will go to your significant other. Additionally, if you had a will before you got married it will be revoked so it’s essential that you have a new will drawn up that reflects these changes.
Starting a business
What will happen to your business once you are no longer here? Including these details in a will is crucial for the security of your business, whether you’re a shareholder or the sole owner.
Your children need a plan in place especially if they are under the age of 18. In your will you can include details such as who will become legal guardian as well any assets that you would like them to inherit.
At Richard & Lewis, we are here to take the pressure and stress off you. We do this by taking on the legal work required for wills and probate law, so you can focus on how you want your estate to be handled. Your will is a document that details the circumstances and conditions of how you wish to delegate your assets. Get in touch with us today for more information.