3 Life Events That Mean You Should Make a Will
Most of us understand the importance of making a Will, however, nearly two-thirds of UK adults do not have a Will in place.
It is often thought that a Will is something that you only need to think about later in life and it is easy to keep putting it off. However, you can legally make a Will at any time after you turn 18.
In this article, we take a look at 3 life events which mean you should make a Will or alter an existing one.
Buying your first home or becoming financially independent
The first time you should think about making a Will is after buying your first home or becoming financially independent.
If someone who is unmarried with no children dies without making a Will, any assets they own will go to their parents (or other family members if there are no living parents). Often this is arrangement is fine for anyone who is financially dependent on their parents.
However, once you become financially independent and acquire assists of your own, you may have specific people or groups that you would like to leave those assets to.
Tying the Knot
Marriage, a civil partnership or a long-term relationship can often lead to the need to make a Will.
Making a Will allows you to specify how your assets will be handled and how you would like to provide for your spouse.
This is especially important for any couples who are not married but own a house or have any other joint assets together. Without a valid Will, the assets may not be handled in line with your wishes.
If you already had a Will in place before marrying then you will need to make a new one unless it makes specific reference to your intended marriage.
Under marriage laws in England and Wales, any previous Wills become void when you enter a legally binding marriage contract.
Becoming a parent
After having children it is vital that you make a new Will or review any existing Will you have in place. In most cases, you will have two main concerns when drafting a Will, who will look after your children and what assets will be available to provide for their welfare.
By drafting a valid Will, you can set out a plan for both of these concerns. Through your Will, you can appoint guardians for your children and set aside assets or create trusts for their benefit.
The importance of choosing an experienced solicitor to draft your Will
Whenever you make a Will, choosing an experienced solicitor is vital. A professionally drafted Will offers peace of mind in knowing that your exact wishes will be met.
To talk to a specialist solicitor about your requirements, call Farnworth Rose today on 01282 695 400.
Or, if you’d prefer to arrange a call back at a time that suits you, simply complete our online contact form here.