Most people think wills are of more relevance to the elderly; this is certainly not the case, particularly for couples who have young children. There are many reasons why couples should make wills:
1. You can choose the people you want to have the responsibility for administering your estates when you die (known as executors). This ensures that persons you trust to act responsibly and to carry out your wishes are appointed rather than persons determined by a statutory list who you may not approve of. If you were to die whilst your children were under 18, you need to ensure you have appointed executors who you would be comfortable with holding and investing your children’s inheritance.
2. You can appoint persons you trust to act as guardians for your children if you and your spouse or partner should both die whilst the children are under 18.
3. You may feel that the age of 18 is too young for a child to inherit your estate. By making a will you can delay the age your child becomes entitled to their inheritance.
4. If you have children from a previous relationship you can make a will which provides fairly for those children, any new spouse or partner and for any children you may have with your new spouse or partner without leaving things to chance.
5. If you and your partner are not married and you would like your partner to receive some or all of your estate, it is imperative that you make a will because your partner will not automatically be entitled to receive your estate if you do not leave a will.
6. A will can provide who should inherit your estate in the event that you, your spouse or partner and children should all die. This will ensure that your estate will pass to persons or organisations (like charities) who you would want to receive the benefit of it and not to relatives you may not like or may have never even met!
For information and advice, contact Joanne Buckley at Fraser Brown on 01949 838439.