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Why You Shouldn't Live Without A Will
Did you know that, according to research, nearly 70% of the population does not have a will? What is somewhat striking is the large number of people who have dependants and / or sizeable assets who haven't written one yet, not realizing what a terrible mess they would leave behind should something unexpected happened to them.
A will is an extremely powerful tool that you can use to distribute your goods to your loved ones after you are gone. If you die without a will, you are called a dying "intestate" and there are laws that deal with who gets what from your belongings. For example, if you die married, but without children, your spouse will receive all your "personal chattels", including your car, jewelry, furniture, collection of records and other household goods. And although your spouse has priority over all other beneficiaries, he or she may have to share the house with them.
If you are married with children, then the majority of your assets will go to your spouse and thereafter to your children in equal shares. The will states that if a child would die before they inherit, then that child's share will pass to their own children, if any.
If you are unmarried, but living together with your partner, it's even more important that you write your will. If you die, your house will go to your children and if you don't have any, everything will pass to your family. If you don't have any, the state will freeze your belongings and make them subject to the law of intestacy, regardless of how many years you'd been living with your partner.
Another situation to consider is that if your house were just in your name, then your partner would have no right to inherit it. Not only that, but depending on its value, there are chances that your house even have to be sold in order to pay other reclaiming parties, leaving your partner both bereaved and homeless.
If you have children, another important reason for why you should write a will is so that you can name someone to look after them when both parents pass, not to mention that you may want to have any say in the way your assets are divided when you die. Making a will is quite a straightforward process and you just need to decide whether you want to get a lawyer to have things done, or do it yourself.
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