Reasons You Should Draw Up a Will
Posted on: 18 September 2015
Generally, people understand that a will is a necessary document that they should have drawn up at some point in their life. Unfortunately, though, the public assumes that they will always have time on their side and thus not make this a priority. As such, there are a significant number of people who will pass away, usually due to unexpected circumstances, and leave their loved ones fighting for the deceased's estate. It is pertinent to have a will drawn up as soon as you have started amassing some wealth, whether in the form of savings, a business or other assets. Here are some of the reasons why it would be best to seek the services of solicitors to draw up a will.
1. Having a will ensures that your estate does not have to go to probate court. When people die without leaving clear instructions on the distribution of their wealth, the entire estate goes to probate court. Here, a judge decides who will get what, and it may not be to your wishes. To prevent this, you need to have a will that clearly declares your wishes.
2. Having a will ensures that your ex-spouse does not inherit your entire estate. Typically, when someone dies without a will, the first person to be considered to inherit their estate is their spouse. If you meet your premature death while you are separated from your spouse, but not legally divorced, then they could potentially legally inherit your estate.
3. Having a will ensures that your partner gets part of your estate. Since the law does not recognize partners as spouses, they are not entitled to spousal privileges. In the event of your death, your partner will only have access to assets that were jointly owned by the both of you, regardless of how long you have been together. Including them in your will gives them a legal right to inheriting property that was not jointly owned by the two of you.
4. Having a will ensures that your grandchildren get a part of your estate. The law does not recognize grandchildren as the next of kin when determining the beneficiaries of a will. If you were taking sole care of your grandchildren, it would be advisable to have them written into your will before it is too late.
5. Having a will ensures your dependent have an assigned guardian. If you have young children, it is best to grant guardianship for your children to someone that you trust. Failure to do so, and with no next of kin to take up the responsibility, your kids may have to be put under the care of social services.
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