3 Reasons You Need a Will – Even if You Have No Assets
One of the most common myths in the will writing industry is that a will is only necessary if you have a lot of valuable assets to your name. On one level, this concept is somewhat logical – after all, if you don’t own property or have thousands of pounds in your bank account, what is there to bequeath in the event of your passing?
However, the reality is that just about every person in the UK will have something of value to leave behind and a will is vital for ensuring these assets are passed down legally and in line with your wishes. In addition, there’s a very good chance that you have some things that may hold a lot of sentimental meaning, even if they’re not particularly valuable. A will ensures these treasured keepsakes are well cared for in the years ahead.
Here are three reasons why everyone needs a will, even if you have no assets:
1. Appoint Someone to Handle Your Funeral
It is a bit morbid to think of your own mortality, but the fact remains that you need to be mindful of practical matters when writing your will. This includes – among other things – naming an executor, who is typically tasked with arranging your funeral and sorting other pragmatic issues such as closing banks accounts, dealing with your taxes and so on. Remember that an executor doesn’t necessarily have to be your closest loved one; instead, choose someone who will be able to stay level headed and practical even while in mourning.
2. Bequeath Sentimental Possessions
Not every person will have a portfolio of properties or millions of pounds to leave behind, but just about everybody will have accumulated some beloved sentimental possessions over the course of their life. Whether it’s a special watch, heirloom jewellery, or an old family photograph, a will allows you to set out in writing what happens to your treasured belongings after your passing. This is a vital step if you have specific items that you wish to leave to a person outside your immediate family because, if you die without a will, your estate is shared out under the rules of intestacy.
3. Children and Pets
If you have a family, the most important reason to write a will is to set out what will happen to your children. In the tragic scenario that both parents pass away and leave young children behind, your choice of guardian will influence heavily in the judge’s decision when it comes times to appoint a guardian for your kids. If you’re a pet owner, a will is also critical for naming who you wish to take care of your pet. In both cases, it’s important to talk things over with your prospective guardian before naming them in your will to ensure everyone is on the same page.
A will is vital no matter the size of your estate. Give the friendly Heritage Wills team a call today to learn more about our industry leading will writing services.