Jan 2023

Why Do I Need A Will?


If you're thinking about the pros and cons of writing a will, here are a number of things to consider:

First of all, it makes things a whole lot easier for your loved ones once you pass away. Deciding who gets what can often be a contentious issue, especially if you've left no will, and stories abound of people clamouring for bits of evidence to support claims.

Let's be clear on this: when you die, everything that you own (money, property, possessions etc) needs to be passed on. By making a will, you get to ensure that everything goes exactly where you want it to go.

Having no will at all means that the country's intestacy laws will determine who’s going to get what. In this case, your assets may not end up with the people you want them to go to. And this includes minor children!

If you have minor children and you die without a will, you're creating a really bad situation for your children since they will, in all likelihood, be sent into foster care while Social Services determine who the appropriate guardian for your children should be.

If you have competing family members, then this only drags out the process even more - and your children could end up going to a family member who you would never have nominated as a guardian. It's never a nice thing to contemplate what happens when you die, but not naming a guardian who will look after your children if something happens to you might lead to a dreadful situation. Remember, Harry Potter got sent to live with the Dursley’s. Enough said!

Not only that, but there are specific legal requirements that need to be actioned after you’ve passed away. A will avoids this situation and allows you to nominate exactly who should handle your affairs on your passing.

Often, people think a will isn't worth it because their estate is too small. But even if your estate is small, it’s still helpful for your nominated person to have the legal authority to be able to quickly get on with sorting everything out. Small things can create confusion too.

So make a will and choose a guardian. It's the right thing to do for very little cost. At least you can rest easy that you've nominated the most responsible and trusted person to look your children and your estate.