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It's always a good idea to think about writing or updating your will. This way you can ensure that it reflects your current wishes. However, there are three life events that make this discussion more important:
Here we go over each of these events and why it is important to revisit your will.
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By the age of 16 around 1 in 20 children have experienced losing one or both of their parents. Despite this there are still many of us who need to choose legal guardians for our little ones.
Guardians are called into action if there are no surviving parents (those with parental responsibility). If your partner already has parental responsibility over your child, they will automatically take care of them. This may not always be the case and sometimes it is up to the state to decide who will take care of your children if you pass away.
According to Gov.uk all mothers and most fathers have legal rights and responsibilities as a parent - known as ‘parental responsibility’. Those who have parental responsibility must:
Parents are also responsible for:
If both you and your child's other parent were to die and there is no guardian appointed for your child, then the courts would appoint someone instead. Whilst lots of us believe that custody of our children automatically goes to a partner, or next of kin, this is not always the case. This could mean that someone you wouldn’t have chosen will be left to bring up your children.
Making a will is one way you can help decide who you want to bring up your children if both parents pass away. Parents are busy, children are a lot of work! That is why we have made getting a will simple, and our online takes 15 minutes to complete.
Marriage is a significant event for most of us. If you have recently got married, or are thinking about it, it is vital to take into account the implications it may have. Once married, should anything happen to you, unless you explicitly state otherwise (in a legal will) your assets will pass on to your new spouse. This can make things complicated if that is not exactly what you want.
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If you are in England or Wales then any legally valid will you have in place is automatically void, unless your will specifically references your intended marriage.
In this case, your assets will pass on to your new spouse, and if they die as well you would become intestate.
Just because you are married, does not mean you do not need a will. Having a will in place means you can express your wishes. If you are not quite married yet, our online will can be updated at any time, meaning you can edit and amend it after the marriage.
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One of the biggest reasons for needing a will is to ensure your assets are passed on to those you want to inherit them. Buying a house is possibly the largest investment many of us will make, particularly for first time buyers.
Statistics show that one of the most popular times to make a will is shortly after buying a property. However, many first home buyers miss this step. This can be down to time, effort or the fact you simply have not got around to it yet. But it is important for home owners to understand the risks.
Given that buying a property is such a large investment, it makes sense to make or update your will after this transaction. If you do not have a will, the house will be passed to the courts who will decide who inherits according to the laws of intestacy. You wouldn’t have any say in who benefits from your estate. The only way to guarantee complete control is to have your will in place.
You can get started today from the comfort of your home. Just follow the steps below:
As discussed in this article, a change in life events can often lead to someone needing to write or update a will. With Octopus Legacy, for just £10 a year you can make unlimited updates so your will also expresses your wishes. Don’t put off making a will any longer!
