Making a will is probably far from your mind right now. It's something that only older people have to worry about, right? But failing to make a will isn't morbid, but rather a sensible decision. If you have anything to leave, don't assume that your assets will automatically pass to your partner; if you're not married, they won't be your next of kin. So here are the reasons why you need to make a will, whatever your age …
1. You Have Assets
If you have any assets, such as property, money or a car, it's vital that you make a will. All of these can add up to make quite a considerable estate. Making a will ensures that your money and belongings will go to the person you want to have them. The executor of your will (the person in charge of dealing with it) is obliged to ensure that your will is followed.
2. You're Not Married
It's also important to make a will if you're not married but in a serious relationship. There may be issues if you own a property together or if you have children. Don't assume that your partner will automatically be given legal custody of the children or inherit the property; you should check the legal situation if one of you predeceases the other.
Making a will gives you certainty about what will happen after your death. You can be sure that your assets will be passed to the person you want to have them. Making assumptions about what will happen could lead to difficulties after your death; be aware of the consequences of dying intestate (without a will) and draw up a will so that you and your loved ones can be confident that your wishes will be carried out.
4. State Your Wishes
A will also allows you to state your wishes in detail. You can make arrangements for the care of your children (something that is often overlooked), leave certain precious belongings to the people you want to have them, and distribute your money. Putting this down in writing makes it all clear, whereas a verbal comment may not be carried out.
5. Protect Your Loved Ones
Nobody wants to think that they'll die, especially not prematurely. But It's definitely better to protect yourself and your loved ones. Having a will means that you can help ensure they are protected, for example that your partner will receive your assets and sole ownership of your house.
It's also important to make a will for your own peace of mind. Putting your affairs in order allows you to relax and know that your loved ones will be taken care of. You can be sure that your assets will go to the people you want to receive them (and not to the people you don't want to have them!).
Nobody wants to think that their life will one day come to an end, but as they say, 'There are only two certainties in life - death and taxes!' Making a will is essential if you want to be sure that your wishes will be carried out. It will also make things easier for your loved ones who have to deal with your passing.
So do the sensible thing and make a will. It needn't be expensive if your affairs are simple. Remember that you may need to update your will if your assets increase or you get married or divorced. Would you like to make any unusual wishes in your will?