This episode of the Your Recipe for Financial Success podcast was published on 24th September 2020. You can listen again by heading to our Episodes page, or on your favourite podcast player.
In this episode, Becky and Emma are serving up the ingredients needed to write a will. They take a look at why you need one, when you need one and what should be included in one.
Why is it important to have a will?
According to Which? in 2018, 54% of UK adults didn’t have a will
Wills are important as they make sure your assets and estate are given to the people you want them to. You should consider writing a will if you own savings and investments, if you have children/ stepchildren or if you have a partner who you are not married to.
Although it’s not the most appealing topic, you should definitely think about it. Writing a will won’t make you die any sooner but it will ensure your wishes are carried out when the time comes.
What happens if you don’t have a will when you die?
If you die and haven’t written a will, you will die intestate. This means there are a set of rules, called the rules of intestacy, which determines who inherits your assets. This means your belongings may not go to the people you want them to.
Below is a flow chart explaining exactly who would inherit your estate should you pass away without a will.
What needs to go in a will?
There is no right or wrong answer when it comes to writing a will. They are a very individual thing as each person will want different things.
You need to elect an Executor. This is a person who will be responsible for carrying out your wishes and funeral plans on your behalf once you pass away.
If you have children under the age of 18 you will want to nominate guardians to care for them. You should also decide at what age they can inherit by using trusts.
The most common type of will is a mirror will. Married couples tend to use this type of will, it means their wills would be identical. They would leave everything to each other and then onto their children.
We hope that this episode has cleared up all of your questions around why you should have a will. Maybe this was the motivation you needed to get your spatulas in a row and finally put your will in place.
If this has left you hungry for another recipe, check out our other podcasts on our episodes page.
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