Many of us are guilty of putting off writing our Wills, believing that it’s not something we need to worry about until we reach retirement age, or older.
However, this last year alone has shown us how dramatically life can change when we least expect it and how critical it is to ensure that we are prepared for all eventualities. Below, we outline some key reasons why it is important to consider writing your Will sooner rather than later.
It is generally a good idea to consider writing (or amending) your Will when you go through a major life event, for example, buying your first home, getting married or divorced, becoming a parent or grandparent, or receiving an inheritance yourself. By doing so, you can make sure that your Will is always up-to-date and reflects your present wishes at any given time.
If you write a Will while you are of sound mind, you are able to ensure that your assets are managed and allocated according to your specific wishes when you pass away. If you develop an illness which causes you to lose mental capacity, your relatives may have to apply for a Deputyship Order on your behalf; in these cases, you will have no say over who manages your assets or how they are used.
Aside from covering the allocation of your assets, you can also appoint legal guardians for your children in your Will, should you happen to pass away before they reach the age of 18. If you have pets, you can also make provisions for their care in your Will.
Technology is evolving day-by-day and we are increasingly investing in digital assets and using advanced tech to manage our savings and investments. One problem with this is that digital assets and passwords can easily be forgotten about, and as a result, our loved ones could potentially lose out on a significant part of their inheritance. If you start writing a Will when you begin investing in digital assets, you can securely leave details of your digital property and any passwords in a Will with your lawyer, which can be accessed and amended by you at any time.
Writing a Will does not have to be complicated nor time-consuming, and you can update your Will at any time as your circumstances change. If you have any questions about drafting a Will, please feel free to reach out to our Wills & Probate expert, Hardeep Nijher, at firstname.lastname@example.org for a confidential discussion.