Updated: Apr 20, 2020
Our apologies in advance for slightly morbid, but the importance of wills is something you NEED to know.
We’re all going to go through death at some point (hate to break it to you). Whether it’s a death of a loved one, or pet (they don’t have wills) and eventually our own, life comes to an end at some point.
And sadly, as finances have been a part of our life from the get go, there’s no saying goodbye to them when we pass. The most important of those financial nuggets is a will.
What is a will?
No, not the guy from the Gym that you fancy.
A will is a legal document you create that sets out instructions for who will inherit your estate and what should happen after you die. An astonishing 60% of people don’t have wills.
You can write a will yourself but the help of a solicitor or expert will-writer is often sought. It’s important to stress that if a will isn’t done correctly and prepped properly, it may not be valid.
What does a will include?
Your funeral details
Your possessions and where you want them to go
Who will bring up your dependants i.e. children (or dogs)
What happens if someone dies without a will?
Your estate (all of your assets) will be distributed according to strict government rules. No will, No say.