Do I really need a will?
Simple answer is yes. Everyone should have a valid will in place especially if you have a family or have recently purchased a house. Above all you should be able to decide who gets your money, it is yours after all. Below are 7 reasons that illustrate just why making a will is one of the most important things that you can do for your family.
Dan Fitzpatrick
02 November 2022
1 - Naming the guardian of your children.
Do you have children under the age of 18? Yes? Then you will need to specify who should be their legal guardian in the event that both parents pass away. If you don't, the courts will be left to decide.
2 - Safeguarding Step Children
Only spouses or blood relatives will automatically inherit if there is no will. So, if you wish to safeguard the interests of stepchildren or foster children, a will is essential.
3 - Inheriting the Family Home
Is the family home solely in your name? Well, if this is the case and you and your partner are not married, unfortunately they are not automatically in line to inherit your home if you pass away without a will.
4 - Protection for Unmarried Parents
No matter how long a couple has been together, without a will, unmarried partners are not legally entitled to anything from their partner's inheritance.
5 - Combatting Family Disputes
Behind every will there's a family, and families don't always get along. By writing your final wishes in a will, there can be no disagreement about who will inherit what.
6 - Ensuring that inheritance is used wisely.
You may want to think about creating a trust for your children, especially where children are likely to inherit a lot of money. This will help ensure it can only be spent responsibly when you pass away.
7 - Preparing for inheritance taxes.
A well-written will can help reduce the risk and ensure that your family receives the majority of your inheritance rather than the government.