When should you consider making a will?
By z4027672030, Jun 5 2015 08:53AM
A will is one of the most important things you can do for your loved ones in preparation for after your death, though it is also something many people put off, due to the difficult decisions that may be involved in delegating your property and estate. There are, however, many life events which may make you consider making a will, which our North Devon Will lawyers will be happy to help you out with:
Becoming financially independent
Under the intestacy rules, if an unmarried person without children or a will dies, their assets with immediately go to their parents (or other relatives, should there be no living parents). If you are still financially dependent on your parents, this may be absolutely fine, as they have been supporting you and financially providing for you, giving you most of what you earn. However, if you have become financially independent from them, and have carved your own path in terms of assets, you may wish to leave your assets to other parties, rather than your parents by default.
Marriages, civil partnerships, and even long term relationships may trigger wanting to make a will, as you may wish to provide more for your partner than the intestacy rules would dictate. This is especially so for couples in long-term relationships who are not married or in civil partnerships, as intestacy rules only apply to couples legally classed as spouses.
Any prior wills will be revoked upon re-marriage or upon a new civil partnership, and so taking out a will which takes your new partner into account is incredibly important if you wish for them to inherit some of your assets after your death.
Should you die, your children normally become your main priority in terms of ensuring that they are looked after by a trusted relative or friend, and in terms of leaving them your assets in order to provide for their welfare. Making a will enables you to take care of both of these things, giving you peace of mind should the worst happen.
Having a terminal illness is one of the main triggers for making a will, as it can be the last opportunity to decide upon who your assets go to, rather than having them pass under the intestacy rules. As a result of care received, people with a terminal illness may also wish to leave some of their assets to charities and hospices related to their disease.