I don’t own a house – do I need a Will?Smart Will
I don’t own a house – do I need a Will?
The short answer is ‘yes’!
There are a lot of misconceptions about the use of a Will and in this post, we’ll try and clear up what is one of the most asked questions of our advisors.
What does a Will do?
A Will is very simply a formal way of recording your wishes.
It doesn’t necessarily help you avoid tax or probate but what it does do is let people know what you want to happen to your estate, however small, after your death.
Very few people die leaving no possessions at all and you have to think about all of the potential things that may go to make up your estate.
Even if you don’t own a property you may well have investments, a pension, life assurance or ISAs.
And it’s not just financial assets that can be Willed. Maybe you have a rare and valuable collection or a classic car that you would like to leave to someone.
In fact, anyone who has a reasonable amount of possessions should make a Will.
There’s a practical side too
Let’s ignore the financial value of things for a moment.
Do you have a particularly treasured item that you’d like someone special to have? A photo album? Something that belonged to your parents that you want to leave to a grandchild?
Perhaps you have a small amount of savings and no family but you’d like the money to go to your favourite charity?
Making a Will can make sure that your wishes are clearly heard and understood.
It’s important also to think about those left behind who will have to deal with your estate.
If you leave clear instructions in the form of a Will then it makes life so much easier for them and removes uncertainty at what is, after all, a difficult time.
Many people pay into a prepaid funeral plan to save their relatives the financial burden of paying for their funeral but how many leave instructions for their memorial?
With a Will, you can include a letter of wishes that will set out how you would like things to be done.
One of the other practical benefits of making a Will is that you get to choose your executor, which means that you can decide on someone who is able (and of course willing) to carry out the tasks and who will fully understand your thought processes and act accordingly.
In this way, we can see that making a Last Will and Testament is an excellent way of keeping control of things when you pass on and not simply about money.
You may not own a property but do you have young children?
What would happen to them if you were to die?
With a Will, you can specify who you would like to look after them without a court getting involved.
To a lesser degree, a Will is also a really good way to take care of your pet after you are gone.
You can Will them to a new owner or to a charity who will take care of your beloved animal giving you complete peace of mind.
As we can see making a Will is about so much more than simply a property and we’d heartily recommend that everyone looks at the option.
Wills are just £19 for individuals and £29 for couples and with free updates for life, you can make sure you keep it completely up to date. Download Smart Will here