Published on: 3rd May 2021

Do I need a Will if I do not own my home?

If you do not own your own home, then you may question whether a Will is necessary. Whilst it is not always essential to have a Will if you do not own your home , there are a number of different scenarios where it would be essential which we will discuss in this article.

Children

Any parent with a child under 18 years of age should have a Will regardless of whether they own assets or not. Their Will should have a guardianship clause. This allows a parent to state who would have responsibility for looking after their child(ren) should they die.

If a Will does not exist then neither does this clause. Without this, you are leaving the choice of who looks after your children to chance, and will in all likelihood have the intervention of social services. So even if you do not own your home , if you have children, then you should certainly have a Will in place.

Other assets such as a classic car collection

The family home is often the largest asset in an Estate, but it is not the only asset you can pass on to your beneficiaries. You may for example have never wanted to own a property but have instead invested your wealth in a classic car collection. This is a valuable asset for you to pass on to potential beneficiaries and if you do not have a Will it would be passed by the laws of Intestacy. You may also have a number of successful business investments and again without a Will you are not specifying who will benefit from your investments.

So although you may not own your home , before you decide not to make a Will, make sure you think about all the assets you do own and whether you should actually be making a Will.

Pets

Do you own a pet? Have you considered what provisions you have made for your pets when you pass away? You may well not own your family home but have a faithful animal companion who lives with you. As a pet is treated in law as a possession, you can gift your pet to a particular person, perhaps a friend or relative. Or you could speak to a charity about your pet being given to them and re-homed. Whatever you choose, it is important to make sure that you have a Will for your pets. .

Setting your wishes in stone

Do you want special music played at your funeral? A specific reading at your funeral? Would you prefer to be buried or cremated? There are a number of wishes you may have when you die whether funeral related or not and including a Letter of Wishes in your Will, regardless of whether you own a house or not will guide your executors as to what you want. .

Executors

The biggest problem that occurs when a Will is not in place, regardless of whether you own your home or not, is that the Estate Administration process becomes much more difficult, time consuming and costly. This is because a personal representative will need to apply to the court for a letter of administration whereas if a Will is in place with a named Executor then as soon as someone passes away the Executor has the ability to begin the Estate Administration process.

Whether you own your family home or not if you do not have a Will in place then fill in the contact form on our website or call our friendly and helpful team on 01732 868190 and one of our Consultants will be able to advise on an appropriate solution based on your individual circumstances.

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