Why having a will is essential in this day and age
The prospect of making a will can be daunting for many people. Many try to delay making one with the excuse that they have many years before they need to make arrangements regarding personal belongings, property, and monies held.
There is a misconception that wills are for the elderly. With current health issues affecting people of any age, it is advisable to consider making a will to protect the future interests of any person wishing to leave behind an estate.
Bad relations with certain family members is one of the reasons why having a will is important. Many clients are shocked to find that if they do not have a will, a child who they have not spoken to for years could make claim on their estate after their death. Not only this, but any relative who is eligible to claim part of your estate, could do so in the event a will is not made. The reason for this is that the law of intestacy applies, which means that when there is no will in place any estate held by the deceased at their time of death will be distributed to family members at first point.
Another factor which people do not consider is that if you have recently divorced your spouse, it is likely that you will need to update your will to reflect the change in circumstances, to ensure your ex-spouse does not inherit a share of your estate.
It is important that you face the decisions now instead of leaving such important decisions to a later date when there are chances your mental capacity could deteriorate, making it difficult to make a will.