You might be working every job under the sun, including a side hustle, but you’re still not making any money as such. And while retirement is so far away, have you started to think about your estate? You might not think that there’s any point, because you have nothing to bequeath as such. With this in mind, do you need to prepare an estate right now?
Yes! Get It Done!
You need a will. The fact of the matter is, if something was to happen to you tomorrow, even if you think you have nothing to bequeath, do you have anybody dependent on your right now? Or you may have somebody dependent on you in the near future. Put simply, a will makes it easier for your friends and family to get everything sorted after you’ve passed away. Believe it or not, it’s a very stressful process, and they will be having a difficult time anyway, and you don’t want to add to this by not preparing a will. In addition to this, you need to think about the legal process in how everything is shared out without a will. You can consult many solicitors to give you the bare bones of what will happen but it’s not shared out in a specific way that you would prefer. This is especially potent if you’ve got family members that you’ve got personal issues with. Regardless of how little money you have, there are still some things that are personal to you, such as a car. And for this reason alone, you should leave a will.
What Happens If You Don’t Leave A Will?
Known as intestacy, the law varies in England, Scotland, Northern Ireland, and Wales. But in a general sense, if you are not married your partner is not entitled to anything when you pass away. Conversely, if you are married, your partner may inherit most or all of the estate, but the children might not get a thing, which is very sticky if you’re in the process of separating, but not divorced. In addition to this, the inheritance tax that your estate has to pay may be higher without a will. And if you pass away without any living close relatives, the estate belongs to the government, known as bona vacantia. If you want someone to inherit your meagre belongings, it’s important to make a will.
While you may think you have no earthly possessions as such, it can be a very testing process for those closest to you to go through the legal issues. To create a will right now doesn’t take long. And in a personal sense, if you have a limited amount of money, and you may find that you are working into your 80s, and retirement may never be an issue, as this is for so many of us, it’s still important to prepare your estate, and to update it on a semi-regular basis, every few years or so. After all, if you want the people you love to get what little finance you may have at the end of your life, preparing a will is essential.
