Why you need a will

Death is not a cheery topic but it’s something that we all must confront sooner or later. One of the most important ways we can prepare for the end is by drawing up a final will to protect our assets in our absence.

A will is an important legal document and can be thought of as a form of insurance that everyone should have. After all, even if you don’t plan on getting into a car crash you still take out insurance covering it because accidents can happen.

Not having a will in place should you tragically pass away means you ultimately give up any opportunity to decide who inherits what assets. This task instead falls to the government who distributes your property based on law, which means some of your assets could go to people you didn’t want to.

If you are not married, your partner may also be excluded from any inheritance, especially if you have been previously married and have not updated your will.

Any inheritance you have planned for your children could instead pass into the Government Guardian Fund or be given to a legal guardian. Drawing a will can instead help you move your assets into a trust which your children can benefit from.

Lack of a will can lead to bitter family feuds, with family members forced to fight over who gets what. This can be avoided by having such matters clearly laid out in your will.

Finally, a proper will can help speed up the process of winding up your estate. One of the most important functions of a will is appointing a professional executor to handle your affairs. Without this, the responsibility falls instead to the government and the process can end up taking years.

Drawing up a will can sound intimidating, and having to confront such a grim topic like your own demise can be off-putting to many.

However, it is something that needs to be done. Thankfully, there are many organisations that can assist you including banks, law firms or financial advisors.

If you haven’t already, you should at least start looking into the process and if you have drawn up will already, make sure to check it regularly to ensure it’s up to date.