When people hear the word "will", it's easy to think it's something to consider later in life, or only if you have significant wealth to pass on. But the real question isn't how much money you have. It's whether there's anything in your life you'd want a say over after you're gone.
Do you have children you'd want cared for by a particular person?
A home you'd like to leave to a loved one?
A pet you'd want looked after?
Special possessions that carry memories?
Or simply wishes about what should happen to your money, property and possessions?
If the answer to any of those questions is yes, it's worth considering whether you need a will.
At Alexander Hall, many of the conversations we have focus on helping people buy a home, protect their family and plan for the future. While protection policies can help provide financial security, it's also worth considering what would happen if you're no longer around to make important decisions yourself.
That's why we're exploring topics such as wills and lasting powers of attorney. They aren't just legal documents. They're practical ways to help ensure your wishes are followed and the people who matter most to you are protected.
What is a will?
A will is a legal document that sets out what should happen to your money, property, possessions and other assets after your death. It can also allow you to:
• Appoint guardians for children under the age of 18.
• Choose executors* to carry out your wishes.
• Name the people or charities you'd like to receive your money, property or possessions.
• Leave specific gifts or sums of money.
• Set out your funeral wishes.
What happens if you don't have a will?
If you die without a valid will in place, the law decides how your estate is distributed. This is known as dying intestate. This means your personal wishes may not be reflected in what happens to your money, property and possessions. It can also create additional stress and uncertainty for family members at an already difficult time. For parents of young children, a will provides an opportunity to record who you would like to care for them if the worst were to happen.
Is a will only for homeowners or wealthy families?
Not at all. While property is often one of a person's biggest assets, a will can be relevant whether you own a home, rent your property, are married, have children, own valuable possessions or simply want clarity around your wishes. A will isn't necessarily about the value of your money, property and possessions. It's about having a say in what happens to them.
When should you review your will?
Creating a will isn't always a one-time task. It's sensible to review your will every few years and following major life events, such as:
• Getting married or divorced.
• Having children or grandchildren.
• Buying or selling a property.
• Receiving an inheritance.
• Significant changes to your finances or personal circumstances.
Your wishes and circumstances can change over time, and your will should reflect those changes.
Peace of mind for you and your family
Making a will isn't about expecting the worst. It's about planning ahead and ensuring important decisions remain in your hands. By putting a will in place, you can provide clarity for loved ones, protect the people who matter most and help ensure your wishes are clearly documented.
If you'd like to learn more about wills or putting your wishes in writing, we can introduce you to one of our trusted third-party partners that specialises in this area. Any decision to use their services will be entirely yours.
* An executor is the person, or people, you appoint to make sure the wishes set out in your will are followed.
Will-writing services are not regulated by the Financial Conduct Authority.
