The idea of a Will may not have ever crossed your mind if you are young, you are single or you are without children. That does not necessarily mean that you do not need a Will. However, if you are older, you are in a long-term relationship and you have children it is pretty much a given that you need to draft a Will. Read through the reasons below to consider whether it is the right time for you to draft a Will.
Reasons You May Need A Will
1. Age: when you are older, you will need a Will. If you don’t have a Will you will die intestate. This means that your estate will be distributed in line with the laws of intestacy rather than in line with your wishes. Anyone who is not within your immediate family is unlikely to receive anything from your estate.
2. Illness: should you become seriously or terminally ill you will need to draft a Will. This may entail you drafting a Will at a younger age than you would previously have considered doing so.
3. Significant assets: should you have inherited or accumulated significant assets you should draft a Will to ensure they go to the beneficiaries you wish them to should you pass away. Age does not necessarily define when you are in a position for your assets to be considered significant. Be sensible and consider this in the context of your personal situation. If you are unsure, contact a lawyer.
4. Long-term partner: if you have a long-term unmarried partner, they will not automatically benefit from your estate should you pass away. Therefore you need a Will to ensure that you can leave them what you wish to.
5. Marriage: marriage is a significant change of circumstance. You must ensure that you have a Will that reflects this. If you have already drafted a Will, getting married will render it void. If you have not already drafted a Will, draft a Will that includes your husband or wife within the beneficiaries of your estate.
6. Children: having children is one of the most common reasons for someone deciding to draft a Will. If you pass away you will wish for your children to be cared for by a guardian whom you have chosen and to ensure that this happens you must draft a Will. You may also wish to make provisions for your child’s future, leaving them money for their day-to-day care, schooling or university education, amongst other things.
If you think the time has come for you to draft a Will you should contact a lawyer providing specialist Will writing services as soon as possible.