A Will is one of the most important documents you will prepare during your lifetime.
Below we have listed 8 reasons why you should consider putting a Will in place or review your existing Will.
- Appoint Guardians for your Children
You can name who you would like to take care of your children in the event that you should pass away while they are minors. This can be an uncomfortable conversation to have with your loved ones and means that you can be sure your wishes are known.
- Cohabiting Couples
Unfortunately many couples believe that if they have lived together for a certain period of time, their partner will automatically be entitled to their estate if they pass away. However under the rules of intestacy, if you pass away without a Will, your estate would pass to your family members before your partner!
- Couples going through a Divorce
If you are going through the divorce process you should always consider preparing a new Will or updating the terms of your existing Will. If you were to pass away without a Will before you receive your Decree Absolute, your spouse would be entitled to the majority of your estate. If you have a Will in place your estate would be administered in line with the terms included.
- Buying your First Home
If you are in the process of purchasing, or if you have recently purchased, your first house, you should make sure you have a Will in place. Generally, a property is the largest asset in an estate and so you should make sure it is going to the right person/people.
- Second Marriages
It is quite common for couples who meet later in life to have assets they have built up on their own. It is possible to include protection in your Wills so that you can be sure your assets pass to the right people while still providing for your new spouse.
- Funeral Wishes
This is another uncomfortable conversation, which you may not wish to have with your loved ones. We can include funeral wishes in your Will and you can be comfortable knowing that your wishes will be followed. It may also relieve some pressure off your loved ones at such a difficult time.
- Care Fee Planning
If you are concerned about your assets being used for care home fees and would like more information on ways to potentially protect your assets then we can help.
- Control
You can choose who you would like to deal with your estate after you pass away. You can make sure it is someone you trust and who will be able to handle the responsibility. This could help to reduce the likelihood of disputes after you have passed away.
If you would like to speak to one of our specialist Private Client Solicitors, please contact us on 01244 312306 or law@oliverandco.co.uk.
