Do I Need a Will When Buying a House?
Why It’s Important to Plan Ahead
Buying a house is a major milestone in life, but have you considered what happens to that asset when you pass away?
31 million people in the UK have no will, and if you do, it may not be up to date.
Many people overlook the importance of creating a Will or updating it when they buy a house. But it can be a critical part of estate planning. A recent study by Royal London found that of people aged over 55 without a will, 16% own a home either outright or with a mortgage.
In this blog post, we’ll explore why when buying a house is an important time to do it and how to go about doing so.
When you buy a property, you may assume that your spouse or children will automatically inherit your home if you die, but this is not always the case.
In the absence of a will, your property will be distributed according to the rules of intestacy that are set out by the government. This means that your assets may not be distributed in the way you would have wanted. It could even end up going to someone you never intended to benefit from your estate.
To ensure that your wishes are carried out and your assets are distributed as you want, it’s important to create a will. This is a legal document that outlines how your assets should be distributed in the event of your death
One of the key benefits of having a will is that it allows you to name an executor who will be responsible for managing your estate. This can help to avoid confusion and disputes among family members and ensures that your wishes are carried out.
When it comes to buying a house, having a will can also provide you with peace of mind. Knowing that your assets will be distributed according to your wishes can help to alleviate some of the stress that can come with purchasing a property.
Creating a will is a relatively straightforward process. It is important to seek the advice to ensure that your document is legally binding and reflects your wishes. The cost of creating a will can vary depending on the complexity of your estate. But it’s a small price to pay for the peace of mind that comes with knowing your assets are protected.
Also, if you make a will you can also make sure you do not pay more Inheritance Tax than you need to.
Different ways of creating a will include using the UK Government's website, working with a solicitor or working with specialist firms like Kinherit that have digitised these documents for ease and efficiency.
So while it may not be the first thing on your mind when buying a house, creating a will is an important step in estate planning. By doing so, you can ensure that your assets are distributed according to your wishes and provide peace of mind to yourself and your loved ones.
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