RAY WITHNALL, owner of Diggle-based company Hay Tarn Wills, looks at who should write a will.
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AT A recent meeting I was asked, “Who should write a will?”
My short response was “everyone over 18, regardless of circumstances.”
Young people might have few possessions, but if they have children it is responsible parenting to prepare a will to appoint guardians and provide adequate trusts.
Although it is emotive for them, a simple will creates a foundation for the future, especially when circumstances inevitably change.
Parents in second relationships should seriously consider their responsibilities to their children and prepare a will with appropriate trusts to avoid sideways disinheritance.
This occurs when children from the previous relationship lose their inheritance to the new partner.
Some people say they do not need a will because they own few possessions and have no savings.
Nevertheless, a valid will clearly states who should inherit. Even if there are no suitable beneficiaries, a worthy charity or organisation can benefit through a thoughtful gift.
The next question was “Why should I write a will?”
Firstly, a valid will helps your family to efficiently distribute your assets and pay off any debts. It shows thoughtfulness and consideration.
Without one, an estate is subject to the laws of intestacy, which is frustrating and requires additional time and effort to disburse.
Secondly, a will puts you in control and allows you to choose beneficiaries and what they receive. Intestacy does not recognise common law spouses neither does it put friends before family.
Finally, “When should I write my will?”
I replied, “do not to leave it too late”. Life is unpredictable and speaking from personal experience, there are better times and places to prepare your will than the A&E department.
My advice is to take a thoughtful first step towards peace of mind for you and your family.
Throughout November and December, Hay Tarn is offering 20% discount to all new clients who make an appointment to prepare their Wills.