‘Content correct at time of publishing and subject to change’
Unsure of what a will is and if you need one? You’re not alone, that’s why we have put together this blog as it’s important to understand.
What does a will do?
Having a will in place when you pass away will mean your property and assets will be distributed according to your wishes. However, if you don’t have a will in place the state law will determine who gets your property and assets, this is known as dying intestate. Usually, your partner or children will take priority when it comes to inheriting your belongings, but this is not always true. This can become even more complicated if you do not have a partner or children!
When is it best to get a will?
When it comes to needing a will there is a lot of debate among professionals, however, you can argue that it’s better to have a will in place. You should be considering your will if you:
Are married
If you are married, then you should have a will in place, as your partner is someone who is closely linked with you and it’s important for you to have in writing whether they are to gain your assets if you were to pass away.
Traditionally, your partner will inherit your belongings even if you were to pass without a will, however, you shouldn’t leave this up to chance. Along with this if you wish anyone else to inherit any of your assets you will need to include this in your will as that does not default.
Have children
If you have children it’s important that you have a will as they are likely to inherit your belongings if you die intestate, after your partner but not necessarily. This would mean that if you want your children to inherit after your partner then you need to have this in writing so that there is no room for error by the courts. Along with this if you do not want your children to inherit your assets this needs to be in writing.
Another reason why it’s important to have a will if you have children is that you will name an executor of your estate and a guardian of your children. This means those named as executors will be responsible for distributing your assets and those named as guardians will be responsible for looking after your children if you were to pass away. This is extremely important so your children inherit and are raised as you wish.
Have any assets
If you own your own home, car or have any assets then having a will in place is important as it will ensure that any assets will go to those you wish. This will also avoid any arguments or stress for your loved ones at an emotional time.