A will is a legal document that is the only legally valid way to ensure what you have decided should happen to your things after you die. By having a will, the probate service will accurately administer your estate wishes.
If you do not have a will in place after you die, then there will be a lack of clarity regarding how your financial affairs, such as money, possessions or property, should be divided up for your loved ones.
For this reason, it is vitally important to bring on board the services of established lawyers who can help you create a fool-proof will that will reduce the stress your loved ones will have to endure. There may be different rules across Scotland, Ireland, England and Wales.
When You Have Bought A Home
Buying a family home will significantly increase the amount your estate is worth. For this reason, it is important to have a will in place to ensure that your home is passed on to the right parties.
You could, for example, specify in the will to pass on your home to your spouse, children, or anyone else you choose to, allowing them to continue living in that property should you pass on.
If you happen to buy a property with someone who is not your spouse or civil partner, the good idea is to involve a solicitor in creating a will to make sure that everything is fair on all sides, as they will provide you with good legal advice. If you purchase property overseas, involving a solicitor will also be a good idea to ensure that there any no international issues in the entire process.
When You Are Married Or Divorced
When you get married, you legally conjoin all the assets associated with your partner and yourself. Therefore this means that your spouse or civil partner will have joint rights to your house or other stated property.
Having a will in place if anything like sudden death happens to you can ease the difficulty of this time by having clear instructions regarding assets in place.
It is important to note that any will made before marriage or before you have entered a civil partnership is automatically revoked unless there is a cause drafted into the will that takes anticipation of marriage into account.
If you are unmarried or not registered in a civil partnership with your significant other, you will not be entitled to inherit from each other unless you put a will in place. Doing so can ensure that the things your partner is rightfully entitled to are legally binding, helping solve any potential issues after your death.
Concerning divorce, if you have separated or divorced from your partner, you may want to make changes to your will to ensure that maybe property, for example, is not received by that party, particularly if things happen to end on bad terms. For this reason, it is important to change your will as soon as the divorce happens to prevent anything from getting into the hands of someone it should not.
When You Have Children
One of the most important times to create a will is when you have children, as you can create a will with a guardian clause if something happens to you. You can appoint guardians to your children who are other family members or even trusted friends whom you know would be able to look after your children should something terrible happen.
You can also specify that your children will inherit your estate after your passing. Although there are rules of intestacy that will ensure that your children will be entitled to a portion of your estate should you pass on without leaving a will. Having a will in writing can help ease any issues with inheritance for your children.
When You Have Started A Business
If you happen to own a business as a sole shareholder within it, by creating a will, you can have total control over who will take over the business once you have passed. You can specify what happens to each business asset or how it is passed on in this event.
Say you begin a very successful manufacturing business that creates products that are constantly in demand, even after your death. It would be a shame to close the business down instead of simply passing the business onto a specified person to continue running. Particularly if the business is generating money that is keeping the family you have left alive afloat.
Be sure to choose the appropriate person to take over your business, as it would not be fair to leave a family member with little experience in the business. They could find making important decisions quite distressing at best whilst making terrible business decisions at worst.
Your will may also be a key piece of inheritance tax planning for any family member who inherits the family business. Therefore it is vitally important that you leave specific instructions relating to the inheritance of the business within your will.