Everyone Should Have a Will – But So Few Do
A will gives you the chance to outline what should happen after you die. However, despite being one of the most important documents a person will ever write, a study by Unbiased found that 60% of UK adults do not have a will – that’s 31 million people!
If you do have a will in place, that’s great to hear. However, you can’t stop there. It’s important to revisit and revise your will periodically to ensure that it’s up-to-date. Overtime, your circumstances will change – your will must follow suit.
Read on to see the main reasons why you need to write a will and keep it up-to-date:
Why you need to write a will
1. Make things easier for your loved ones
When you die without expressing your wishes in a will, it can be a lot harder for your family to make decisions on your behalf. When you write a will, you can name an executor for your estate and give them instructions so they know what to do.
2. Decide who should inherit your assets
If you’d like your possessions to be allocated in a particular way after you’ve passed away, you’ll need to write a will. Otherwise, your assets will be distributed according to standard rules. And, if you’re not married to your partner, by law they can’t inherit unless they’re named in your will.
3. Name a guardian for your children
The final reason why you need to write a will, is to decide who will look after your children in the event that you die before they’re 18. In most cases, the other parent will be given custody. However, in special cases or if both parents die, the court will name a legal guardian. If you’d like to choose someone specific, do so in your will.
Need help with your will?
There are several ways you can go about writing a will, but as a legally-binding document you’ll want to make sure everything’s correct. You’ll also need to review and update it periodically, because your circumstances are bound to change over time. For example, if you get married, divorced or have children – or if your assets change.
At UWM Accountants, we provide a comprehensive will-writing service that will give you peace of mind without the need for an expensive solicitor. If you need help and would like to talk to a member of our team, contact us today.