Why now is the time to write your Will
We all have lists of things we need to do, but keep putting off. Whether it’s going for a dental check-up, tidying the garage, or opening a savings account, that list of things you’ve been putting off for ages is a permanent feature – even if it is way back in your mind. The thing that might be most important on that list, but that 2 out of 3 of us haven’t gotten around to, is writing a will.
You don’t have to have a large estate to need a will – there are many varied reasons why it is important for everyone.
For parents, the first reason to write a Will, no matter who you are, is your children. If you haven’t made a Will, then their guardianship upon your death will be decided by the courts. Decisions regarding who cares for them and regarding their education etc. will be made with no reference to your wishes – because you won’t have made a record of what your wishes are. If there is one major reason to write a will it is so that you can be the one to decide who will best raise and love your children in the event of your death.
Preserving your assets, and reducing the tax bill on your death, are two other good reasons to consider writing that Will this year rather than next. A Will ensures that your estate will be divided according to your wishes and not as the Succession Act 1965 dictates. This may also highlight how prepared you are financially for an unexpected death.