There are lots of things to think about when buying a new property and writing a will might not be at the top of your list, especially if you’re young. However, not having a will can mean that your assets aren’t left to people of your choosing in the event of your death, which could have negative consequences for those that you leave behind.
Here, we look at whether you need to make a will when buying a property and the benefits of doing so.
Do I legally need a will when I buy a property?
There is no legal requirement for you to have a will when you buy a property but having one will make things a lot easier for those that you leave behind when you pass. This might feel premature, especially if you’re young, but it’s always best to have these measures in place just in case the worse should happen. Not having a will can leave your dependents in a difficult situation when you die, but by creating one you can ensure that they receive exactly what you’d like them to in a stress-free way.
What is covered by a will?
A will outlines your ‘estate’ which is a combination of your money, possessions, and property. When creating your will, you will decide who you would like your estate to go to when you die and can also name who you’d like to be in charge of organising this following your passing. This person is called an executor. You can outline any other instructions or requests you might have in your will too, such as whether you’d like to be buried or cremated alongside any specific funeral requests that you’d like to have in place.
What happens if I don’t have a will?
If you don’t have a will it means that your estate won’t go to who you’d like it to go to. Instead, it will be shared out in a standard way as defined by law. This means that any dependents you have may not receive what they need in order to live comfortably, and relatives you may not have chosen to leave assets to may be given a share. Not having a will also means that any friends or loved ones outside of your immediate family will not be given anything from your estate, which might be against what you would have wanted.
How do I make a will?
In order to make a will, you should start off by listing everything that you have which can be passed on in the event of your death, including money, possessions, and property. This list will make it easier for you to create your will as you can be confident that everything is covered. Opting to hire a solicitor to help with your will can be a good idea as they will ensure that the document is legally sound and doesn’t contain any loopholes. This will give you the confidence that your wishes will be carried out correctly.
Do I have to update my will?
Once you have made your will the document is permanent unless you’d like to make any amendments or want to write up a new one. There are a number of examples of times when you might choose to make changes to your will. These include if you get married or divorced, have a child, or buy a large asset – including a new property. You’ll also need to update your will should your chosen executor die as you’ll need to put a new one in place. It is recommended that you revisit your will every five years or so to ensure that it is still in line with what you want.
Although there is no legal requirement to make a will when you buy a property, you can now see why this simple process can make all the difference to your loved ones in the event of your death. It may not be a nice thing to think about, but through creating a will you can ensure that your family and friends receive exactly what you want them to after your passing.
To find out how Choice can help you write your will and protect your loved ones please click here.