With the economic downturn many are having to dispose of assets to cover their debts. Importantly though such disposals need to be reflected in a will to ensure your wishes are able to be carried out when you die.
Making a will is often considered ‘something to do later’, not something to worry about now.
In fact though whilst making a will may seem daunting, a will is a vital document as it is a formal record of your wishes with regards to your property, possessions, money and if appropriate the care of any dependents.
As with such as a Lasting Power of Attorney, which states who should look after your finances should you become incapable of doing so, a will is an important legal document. If you don’t have one when you die, it can cause great problems for family and loved ones left behind.
According to a poll conducted by Engage Mutual, after family fall outs, family additions, and changes of residence, the selling off of assets prompted most changes to wills in the past 24 months.
Of those who disposed of assets named in a will, 67% did so because they needed the money to cover debts and make ends meet, having been hit by the recession or losing their job.
As Karl Elliott, at Engage Mutual comments “Wills are an important part of life planning and are there to ensure that your wishes are carried out when you die. It can be a complex process, and sometimes life’s twists and turns can make it more so. But a will can be changed to account for changes of mind.”
A quarter of those surveyed and who have made a will are already anticipating upset about a decision they have made – with some feeling their beneficiaries will expect more or be unhappy that they have left money to charity or to friends, rather than family members.
Whilst it may give rise to conflict, at least if you die with a will in place it means that your estate will be passed on as you wish. Without a will, your assets may be distributed according to the law rather than your wishes.