Talking about what happens to your assets when you pass away is not the topic of choice for most people. However it is one of those difficult conversations that is important to have with your loved ones. And one of the most important assets that must be considered and talked about during this discussion is your home.
Why have a Will?
Most people assume that their partner or their children will automatically inherit their estate (including the family home) when they die. However this is not necessarily the case. That’s precisely why having a Will and understanding the laws around property ownership is so important.
No matter how straightforward your circumstances appear to be on the surface, having a Will ensures your final wishes are followed.
If a person passes away without a valid Will in place, they are said to have died ‘intestate’. This means that any assets they own (including the family home, which for most people is their greatest financial asset) will be distributed according to a set legal formula. This could mean that your assets could be distributed in a way you would not want them to be.
Creating a Will is even more important if you have young children.
Click here to read the full article that explains who should have a Will, how to create one and why you should talk to your family about it.