Why You Need a Will When You Enter a New Relationship

Starting a new relationship is an exciting time, filled with possibilities and promise. But as you embark on this new chapter in your life, it's important not to overlook the importance of having a will. Many people don't consider creating a will until later in life, but it's never too early to start planning for the future. Here are some reasons why you need a will when you enter a new relationship.

Protect Your Assets

If you enter a new relationship and you don't have a will, your assets may not end up where you want them to. If you pass away without a will, your estate will be distributed according to the laws of intestacy in your state. This means that your assets may be split between your children, parents, siblings, or other relatives, even if you would have preferred them to go to your new partner. By creating a will, you can ensure that your assets go to the people you choose, including your new partner.

Ensure Your Children Are Taken Care Of

If you have children from a previous relationship, it's important to consider their future when you enter a new relationship. In your will, you can nominate a guardian for your children if you pass away. This ensures that they will be taken care of by someone you trust, even if your new partner is not the biological parent.

Avoid Family Disputes

Without a will, your family members may end up in a legal dispute over your estate, which can be time-consuming and costly. By creating a will, you can minimise the chances of family disputes and ensure that your wishes are followed. This can bring peace of mind to you and your loved ones.

Provide for Your Partner or not

If you enter a new relationship, it's important to consider how your partner will be provided for if you pass away. In your will, you can leave specific assets or a portion of your estate to your partner. This can provide financial security and stability for your partner during a difficult time.

So, while entering a new relationship is a time of excitement and possibility, but it's important not to overlook the importance of creating a will. By doing so, you can protect your assets, ensure your children are taken care of, avoid family disputes, and provide for your new partner. Don't wait until it's too late – start planning for the future today.