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Understanding the Importance of Will Writing: Why You Need a Will
Knowing what will happen to our estate if we pass away without a writing a Will is crucial. We all probably agree that we should have a will, yet the majority of us actually don't. In England and Wales, it's estimated that about two-thirds of the population does not currently have a legal Will in place.
Statistics and Data: Shocking Statistic: 31 Million UK Adults Lack a Will!
The only way to guarantee that your preferences are honoured after death is to create a Will. In the absence of a legal Will, your assets will be distributed in accordance with the Intestacy Law. Perhaps this isn't what you had hoped for. In any case, it will probably take longer to complete than it would if you had created a Will. This might cause disputes and concern for your family members because your beneficiaries might not be able to access any funds from your estate during this time.
Do I need a Will if I'm single?
Even if you are single, don't have many assets, children, or responsibilities, having a Will is going to make things like closing your bank account and utility accounts much easier for your loved ones. Without a Will, they may need to provide extra evidence of their relationship with you. If you do have assets, you might choose to distribute your estate in the proportions you prefer to friends, family members, and charity.
Do I need a Will if I'm married? Everything will go to my spouse anyway, right?
Wrong. Parents, siblings, or siblings' parents may have a claim. Your children frequently have a claim to a portion of your estate. If you are cohabitating but aren't legally wed, you can be classified as a single person, and your surviving partner might not receive anything at all. There will be disagreements and debates at a time when the family should be grieving the loss of a loved one, that much is certain.
I'm a parent but I don't have any stuff. Do I still need a Will?
You should consider who you would like to look after your children in the event of your death. This is particularly important in the case of single-parent families or unmarried parents living together. A valid Will nominating guardians is invaluable in such cases. If no one knows what you would have wanted, the Court will decide on the future of your children, and it may not be what you or your children would have wished.
I made a Will years ago; I don't need to think about this now?
You might have created a Will years ago. It definitely needs to be updated to reflect new grandchildren or to remove people you no longer feel like leaving anything to.
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