Catch up on life admin these holidays, make your Will
Written by Stephanie Crouch
With the holiday season just around the corner, it’s fair to say we’re all looking forward to taking a break from 2021 and recharging.
While it’s not the most exciting task, the holidays and particularly the time leading up to them are great time to sort out life admin and catch up on things you just haven’t got around to, like making a Will.
It’s common for people to take out insurance or make saving plans, but many put off making a Will.
A Will is so important because it protects the things you’ve worked so hard for during your life, and ensures your wishes are carried out after you die.
Making your Will maybe isn’t an exciting task to do over your end-of-year break, but it is essential. Without a valid Will, no-one knows who you wanted to inherit your assets and sentimental items or care for your children.
The law doesn’t provide for gifts to friends or charities, or any religious or cultural arrangements you may want to make. There is no allowance for your pets, who can also be important members of your family.
Instead, your assets will be distributed according to a legal formula, which may not reflect your wishes at all.
There is no right or wrong time to make a Will. But if you’ve recently had any major changes in your life, like, buying a home, growing your family or changing your relationship status or the structure of your assets, now is the time.
It’s not common for people to think about crises over the holidays and you never really expect them to happen but why take the risk?
Having a Will in place will help you prepare for whatever comes your way.
Definitions
- assets
All of a person’s property including real and personal e.g. bank accounts, realty, shares in companies, cash etc.
- gifts
The assets or benefits you leave to beneficiaries in your Will.