If you don’t have a Will, this is the right time to make one. The current crisis is the perfect time to consider what will happen to your estate on your death. Quite often, making a Will finds itself at the bottom of the to-do list.
There are a number of reasons why you may be reluctant to make a Will. Some people tend to think that it is a complicated task, or they simply do not want to think about what happens after death. As we still live in such uncertain or unprecedented times, it is a subject that we should no longer avoid.
Here are some of the many reasons you should start the process of drafting your Will;
Protect your children
Your Will is one of the best ways to ensure that your children are provided for. If you have minor children, you must think about who will look after them if you or the other parent passes away. One option is to appoint a guardian to take care of your children who are under 18, otherwise your children could go into care.
By making a Will, you can also specify your wishes as to how your possessions and your money will be divided between your children.
By making a Will you are protecting your children and securing their financial future.
Provide for your spouse or civil partner
If you die without a Will, the law decides who will inherit your assets. If you are married or in a civil partnership, everything that you own will not automatically pass to your spouse or civil partner. It is only the case that if you have no close living relatives, your spouse or civil partner will inherit everything. This means that your spouse or civil partner could inherit less than you expected. Family disputes often arise in such circumstances.
By making a Will, you are in control of what happens, and your estate will be distributed as your wish.
Protection for unmarried couples
Despite the common-law partner myth, cohabiting does not ensure that your partner will receive your estate when you die. Only possessions that are held in joint names, or specified in a Will, will go to your partner. This could mean that they may not be entitled to stay in the family home, or they may not have enough money to look after your children.
Making a Will is much safer than leaving it to chance.
Divorced or separated
It is important to think about making a new Will or updating your existing Will if you are divorced or separated or in the process of getting divorced or separated. It is the only way to ensure that your estate does not unintentionally go to your former husband or wife when you die.
Your Will should reflect what happens to your estate based on your current circumstances.
Gifts to other people
There may be other people in your life that you care for. You may wish to leave personal possessions of sentimental value or gifts of money to your friends or to charities.
Making a Will is the only way to ensure that those persons are provided for.
As you can see, there are many reasons to start the process of drafting your Will. For whatever reason you have been putting the task off, by spending some time planning out your wishes, and taking advice on how to best plan your estate, you could be saving those you leave behind from a lot of emotional turmoil, and potentially save them a lot of money.
At Tiger Law, we can answer all your questions about making a Will. We can help you get all your affairs in order. Let us help you get it right.
