Most people assume writing a will is something to think about “one day”. Something you’ll get round to at a later point, when there’s more time. But wills matter more than most people think.
1. Family Isn’t Always Automatic
If you have step-children, you might be surprised to learn they don’t automatically receive anything from your estate. Even if you’ve raised them for years, the law doesn’t see them the same way as biological or legally adopted children. If you want them looked after, you need to say so clearly in your will.
##. 2. Children
The same goes for children in general. If you leave assets to a child without adding any conditions, they’ll usually gain access at 18. That can feel very young so many people choose to delay this – maybe until 21 or 25 – so their child is a bit older before inheriting.
3. Second Marriages Need Careful Thought
Second marriages can complicate things. You might want to provide for your current spouse while still protecting the inheritance you’d like your children from a previous relationship to receive later. If you’d like more advice, contact a UK power of attorney, like https://powerofattorneyonline.co.uk to help guide you.
4. Where Your Estate Could End Up
If you don’t have surviving blood relatives and you haven’t made a will, your estate could eventually pass to the Crown.
5. Tax Matters Too
If you’re married, anything you leave to your partner is free from inheritance tax. Leave assets to others, though, apart from charities, and they may have to pay tax.