Why You Should Be Making A Will to Protect Your Family
Have you had a new baby, or are you expecting one?
There’s so much to think about – cots, baby clothes, vaccinations, baby-proofing your home…
But in all the chaos and emotion a new baby brings, there is one thing you mustn’t forget about – planning for your baby’s future by making a Will.
A Will is one of the most important things a parent can do to make sure their child is provided for and cared for by the people they choose if the worst was to happen suddenly.
Even though most parents agree with this sentiment, a 2018 survey found that 60% of UK adults don’t have a Will.
That’s 31 million people at risk of dying intestate and without making proper provision for their loved ones.
Why should you make a Will when you’ve had a baby?
None of us wants to contemplate the worst, but when you have a child, you must.
If you make a Will, you’ll have peace of mind knowing that your children and will be taken care of according to your wishes if you die.
No one knows what’s around the corner, but if you die without a Will, the law may decide who gets what, and that can take some time and mean that unwanted beneficiaries may inherit you’re assets.
Members of your family could receive less of your estate than you or they expected, and you could leave them with an unnecessary financial mess.
That said, a Will isn’t just about money.
It’s also about deciding who should look after your children if you die (by appointing a guardian or guardians for them) and making proper financial arrangements for them as they grow up.
At Peter Lynn and Partners, we can not only draft your Will, but we can also assist you in drafting a letter of wishes to accompany it.
This is a letter to your executors or your child’s guardians which provides additional information and instructions which do not form part of your Will.
While it is not legally binding, it does set out your wishes and can give additional guidance on your children’s upbringing, education, and other important matters.
Did you know that if you are unmarried with children, your partner may receive little?
Many people think a ‘common law’ partner (someone they live with as if they are married) has automatic rights to inherit if their partner dies.
Without a Will, they might have to go to court to obtain a share of your assets, and even then, it’s not guaranteed.
Fewer people are getting married today than at any time in the last 100 years. But, sadly, the law hasn’t caught up with that fact.
The reality is that if you die without a Will, your unmarried partner is not automatically legally entitled to anything.
In the worst case, that could mean your partner not being able to stay in the family home or not having enough money to bring up your children.
It’s of paramount importance that you make a Will to ensure that your partner and children get what you want them to have.
For more information about drafting a Will, please contact Peter Lynn & Partners on 01792 450010 or email Advic[email protected] to arrange a free initial consultation and visit https://www.peterlynnandpartners.co.uk/wills-probate-trusts/for more information.