Many people believe that you only need a Will if you are wealthy. That is a common misconception that couldn’t be more wrong. A Will can do many things that people in all economic groups can find helpful. You should have a Will if you have a family, own a home, or even have a savings account.
Whether you have put off making a Will because you think your assets aren’t worth worrying about, or you believe that getting a Will written is too costly, this article will discuss what a Will is and some reasons why you should make one, even if you aren’t rich.
What is a Will?
A Will, sets out your instructions expressing your wishes as to who should inherit your estate and what you wish to happen after you die. A Will is a legally binding document, but if it isn’t prepared correctly, it may be considered invalid.
If your Will is deemed invalid, or you die without a Will, your estate will be distributed per the Rules of intestacy. If this happens, your estate may not go to the people you care about. So while you can write your own Will, enlisting the services of an experienced solicitor may be beneficial.
Name a Guardian for Your Children
While no one wants to think about what will happen to their children should both they and the other parent die, it’s an important decision. When you make a Will, decide who will care for your children should something happen to both parents. If both parents die and there is no Will, a Judge will determine who will care for your children.
Ensure Your Assets Are Protected
Having your Will written by a professional can help protect your assets from being given to someone you didn’t intend on receiving them.
Seeking legal advice when making a Will can protect your assets and ensure that they go to who you intended them to.
Prevent Family Disputes
When you make a Will, you outline everything you want to happen upon your passing. If you haven’t made a Will, how will anyone know what you wanted if you die? Assumptions and disagreements between family members are more likely to occur if you don’t make a Will. This can be especially true when unmarried partners or stepchildren are involved, as the rules of intestacy dol not allow them to inherit anything if there is no Will. Documenting your wishes in a Will can help avoid these disputes.
Make It Easier On Your Loved Ones
It’s difficult to lose someone you love. When you make a Will, your loved ones can be assured that they are carrying out your wishes and that means you can continue to take care of your family even when you aren’t around.
Your Will can also contain details of your funeral plans, such as whether you want to be buried or cremated or what songs you want to have played at your funeral. If you have difficulty discussing these things with your family, leaving instructions in your Will is a great way to communicate what you want.
Name an Executor
In your Will, you will choose who will be your Executor. The Executor is the person who will finds out the value of your estate after you die, pays your debts and distribute the remainder to your chosen beneficiaries.
By making a Will, you control who manages these things for you. You should appoint someone reliable and organised that you can trust to take on such a responsibility. The Executor doesn’t have to be a family member and you can choose up to four Executors in your Will.
Let Our Expert Team Help Make a Will That Suits Your Needs
As you can see, there are many reasons that make a Will important for anyone, regardless of the size of their estate. Your family will be going through a difficult time when they are trying to settle your estate, having your wishes properly documented can help relieve some of their stress.
The team at Elizabeth Middleton Solicitors will help you plan for the future. With over ten years of experience in Wills, Probate, and Equity Release, we help our clients feel at ease while providing excellent service for each client.
Contact us today to schedule a consultation.