If you are single and live in a rented house or flat, and have no children and a small amount of savings, do you need a Will?
Suzanne Porter, director and head of the Private Client team at Wake Smith Solicitors looks at why a Will is important for anyone.
She said: “People tend not to think about the prospect of an early departure from this world - and many go without a leaving a Will.
“But during your lifetime, even if you do not own a house, you’re likely to acquire some possessions – it might be only personal items and furniture, but you also might have savings and investments, a car, a business, or a share of one, or even property abroad.
“Together, the things you own are known as your Estate and your Will can state who should receive these when you die, even if they only total a small amount.
“Even a small quantity of savings might make a nice gift to a close friend or charity.
“If you choose not to have a Will, then you are agreeing to have the Government dictate where your possessions would go.
“If you die with no valid Will in England or Wales, the law will decide who gets what. If you have no living family members, all your possessions, including your pets, will go to the Crown.
“If, however, you want your possessions to go to someone, writing a Will is a good idea.
“Also, in your Will, you can designate who will be your executor, the person with authority to make sure that all your possessions end up in the right hands.”
Things to consider when writing a Will with a professional at Wake Smith Solicitors:
- How much is your Estate, everything you own, worth?
- What should happen to your Estate when you die?
- If you do own a property, who do you want to inherit it?
- How can you protect yourself if your circumstances change?
- If you have children or any vulnerable dependents, how can you protect them?
Suzanne added: “If you decide not to write a Will now, make sure you revisit the issue as soon as your circumstances change. If you do have children, invest in property, develop health problems, or just reach a later stage in life, your estate planning needs will change.
“A Will is one of the most important legal documents you will ever sign.”
If you think it might be time to make your Will give Suzanne Porter at Wake Smith Solicitors a call on 0114 266 6660 or email at [email protected]
