Reason 1: To protect your children
You’re married or living with your partner and you both have children from previous relationships. How do you ensure that your respective children receive a fair share of your estate? A tricky issue for sure. Yet, there are various ways to achieve this. The most important thing, is for you both to get your Wills drafted.
Speak to a professional Will Writer or solicitor and find out how you can use trusts to safeguard your children against being disinherited. Doing nothing is not an option.
Reason 2: Because you are not married
If you’ve been with your partner for a long time you may have assumed that they have rights as your ‘common law’ husband or wife. Yet, this may not be the case. The concept of ‘common-law marriage’ rights is something of a myth as this BBC article explains.
To avoid any possible pitfalls, have Wills in place to ensure you each receive a share of each other’s estate at the very least.
Reason 3: To appoint legal guardians for your children
I shouldn’t need to say much more. If you’re children are minors, make a Will that appoints guardians who will love and care for them s you would, if something happens to you. Take control and make that decision for yourself. Don’t leave it to chance and risk your children going into the care of someone you have not chosen yourself.
Reason 4: You are getting divorced
Until you have divorced (received the Decree Absolute) you’re still married to your soon to be ex-husband or wife in the law’s eyes. Ergo, they could still inherit from you. To avoid such an unfortunate event, get a Will drafted to cover this scenario. In it you can name, for example, your children as the beneficiaries rather than your soon to be ex.
Reason 5: Because your old Will is so out of date
You may already have a Will in place that you drafted years ago. Make sure it is still relevant. Are all the beneficiaries and executors still alive? Are they still the people you want naming in the Will? Have your children grown up now? Could they be the executors now? Have your family or financial circumstances changed? Do your Wills still have complicated trusts in them that may no longer be relevant? Ask you professional adviser for a review and see if you need to update them.
Reason 6: Because you are now married
You had a Will in place before you got married. Marriage is an automatic revocation of that Will, unless it has specific wording in it to state otherwise. If it doesn’t then you and your new spouse need a new Will.
Reason seven: Because you will sleep better at night
I could go on of course, but these are just some of the reasons why it’s important you get a Will drafted. If you’d d like to find out more or would like a free review of your Will, please do get in touch.