As a legal document a will sets out your wishes for who will inherit all the items in your estate after your death. This could be a simple will where everything is passed onto your spouse in the first instance or you may have a more complicated will where you specify where certain items or sums of money are to be placed. You can also discuss your funeral arrangements in your will as well as what would happen to your children if you were to pass away whilst they were still young. It is important that you have your will written by a professional Will writing service Cheltenham such as https://beesandco.com/our-services/will-writing/wills-cheltenham/ to ensure that it is legally binded and completed correctly.
Here are some of the main reasons why it is important for you to have a will in place.
- Partners – if you are unmarried it is not a certainty that your estate will pass on to your partner when you pass away, even if you have been together a significant amount of time. A will can help to protect your partner and ensure that they are financially supported and that your estate passes to them upon your death.
- Family Squabbles – nothing seems to bring out the family squabbles like a death. By having a will in place that specifies where your money and other assets in your estate are to go, you can help to avoid some of the family squabbles that can occur.
- Children – protecting your children and their futures is one key part of a will. You can name guardians in your will who would be responsible for looking after your children should neither parent be alive. You can also apportion money that is to be used to look after them and to pay for any items that they might need as they grow. This can be in addition to any money that you put in Trust for them when they get older.
- Charity – if you want to leave money to a particular charity that is close to your heart, you can do this in your will. It is possible to leave a legacy or a donation to any number of charities and by specifying this in your will you ensure that this happens.
As a part of your will you name executors who are the people who you trust to ensure that the wishes that you have laid out are completed. These can be family members or friends or, in some cases, people choose solicitors or the will writing professionals to be the executors for you.