When Should I Write My Will?
Almost everyone knows that a will is a document that state’s your wishes once you pass away. Some people put off writing a will because they don’t think it’s needed, or that they’re too young or because they feel it’s too complicated.
So when should you write your will?
The sooner you write your will, the better. There are many reasons for that and there is no reason to delay it. Writing a will can be simple, especially with us, so honestly, when should you write your will?
Today! Go to your dashboard to sign in, get started and get your will done in as little as 15 minutes. 🥳
The importance of having a will
Even if you’re young and healthy, having a will can be important. You never know what will happen and a will gives you peace of mind and security about the future. Below are 6 reasons to get a will, today.
Intestacy – If you die without a will, your estate will fall into something called the rules of intestacy. This is a predetermined set of rules that determine who will inherit your estate, despite who you want to, such as partners, step-children etc. Read more about intestacy here.
Financial security – Your will can also allow you to ensure that your loved one's futures are financially assured. It allows you to control how your assets are distributed and also step up things such as a trust. A trust is a legal arrangement that holds assets, such as money for a child until they reach the age of 18.
Possessions – If you have specific wishes for certain items to go to certain people, then this is the place to put it. What you want to happen with sentimental assets etc can be put in a will.
Guardians – If you have young children, a will can be vital in ensuring that the right guardian looks after them if you pass away. If you don’t state this in your will then it may be decided by the family courts and you’ll have no control over who becomes the guardian or guardians of your children. You can also choose reserve guardians, it helps to remove uncertainty and makes the process much quicker in this worst-case scenario.
Funeral – You can make funeral wishes known informally but a will makes them firm. This allows your family to know exactly what you want after death and removes any guesswork. It can make arrangements much easier for them as well.
Tax – There are also more complex reasons to write your will as soon as possible, such as avoiding any unnecessary tax bills. In a will, you can divide your assets appropriately and make the rules and regulations work for you and your family.
Make it easier for your family 💛
Dying without a will makes life a lot more difficult for your family. Not only do they have to deal with all of the above but the process is also going to be much slower. The post-death administration of your estate may take months instead of weeks. It also may involve the courts where you otherwise wouldn’t need to. For these reasons, making a will as soon as possible makes perfect sense.
Making a will
If you don't have many assets, children or specific funeral wishes, then you still may be thinking that it's not going to be worth it. In reality, making a will doesn't have to cost you anything and could save you everything. We have 3 versions of our wills that you can choose from and each of them are checked by our partners at JP Estate Planning (JPEP). You just need to do your research and make sure that it is legally valid and you’re good to go! Sign up to create a Bequest account and start writing your will today. 💯