The Purpose and Importance of Wills
Introduction
Very few documents that people sign are as important as a Will. A Will is a legal document that states how people want their property and financial assets divided and who they want to handle their personal affairs after their death. Without a Will, intestacy laws apply and the State will determine who will receive the deceased person’s assets. With a Will, people can make decisions in advance stating the following: –
• To whom, how and when assets will be distributed, including finances and personal property;
• Name Executors who will manage the distribution of the assets and ensure the deceased person’s wishes are adhered to;
• A guardian to take care of minor children in the event that both biological parents die;
• Gifts to charities.
Wills should be updated as an individual’s circumstances change, for example, marriage and divorce. Having a Will prepared is also a good way to establish a relationship with a Solicitor. Unlike other legal areas where there are often stress and bitter feelings, Will preparation is a good way to meet a Solicitor in a non-adversarial situation.
Guardians
A major decision in a Will is naming and appointing guardians for minor children. Many parents postpone having a Will put in place because they fee that Wills are for “old people” or it could be due to pure procrastination, arguments with a spouse about the choice of a guardian, fear of the cost of preparing a Will and superstition about dying shortly after preparing a Will. Guardians do not have to be a family member. Some people name close friends as guardians instead. A key factor when deciding who to name as guardians is the maturity and time availability of potential guardians and how they relate to children.
Young Adults and Wills
Many young adults are busy having fun and building their careers in their 20’s and early 30’s. There is also a tendency for young adults to think that they are invincible when they are young and healthy. However, as we are seeing during the coronavirus pandemic, it does not matter how old you are, you can still become a victim of death. Older adults are more likely to have a Will prepared as they are closer to the end of their life and may not feel so invincible anymore. By the age of 50, some people may have developed health issues such as diabetes or a cancer scare or had friends their age pass away. The death of a friend or family member, especially someone close in age to them who dies unexpectedly has the effect of making people realise that if it can happen to them it can happen to you.
Choosing Executors
There are two primary criteria for an Executor. The first is a person who is organised, efficient and trustworthy. The second is geographical convenience, if possible. You should choose two Executors or choose the law firm that drafts your Will to act as your Executor. By choosing the law firm who produces your Will it rids the individual of having to make preferences, especially if naming adult children or family members.
Conclusion
People who die without a Will (intestate) do not have a voice in how their assets are distributed or who takes care of their minor children. The State may or may not do what you would have wanted. Not having a Will leaves a lot to chance.
Once a Will is completed, signed and witnessed it is official. The original should be kept in a safe place such as with your Solicitor in a fireproof safe or a personal safe at home. One or more trusted individual should know the location of your Will. If a Will cannot be located, a person may be presumed to have died intestate.
After your Will is prepared, it should not be tucked away and forgotten. You should review your Will regularly (at least every three years) and revise as needed for changes in marital status such as marriage and divorce, birth of children or grandchildren.
Wills are not just for the “rich and famous”. Anyone with assets and/or minor children should have a Will.
Do not leave anything to chance, get in touch with Meaby & Co Solicitors today for further information. Our team of expert Solicitors can professionally draft your Will for you. It is often cheaper and less stressful than you think. Coronavirus does not choose the elderly or those with underlying conditions, anyone can contract the killer virus, young or old or perfectly healthy.