Don’t keep putting it off, make a will today.
Listed Under: Blog
Recent statistics revealed that 60% of adults in the UK do not have a Will.
This is an alarming statistic and unfortunately one that quite often catches people out. Many assume that they don’t have enough to warrant making a will, others believe that regardless of having a legal document or not, their wishes of who will inherit will happen as long as they have told someone about it.
Sadly, this is not the case. Any wishes that you have for your assets must be legally documented to ensure the right people inherit what you want them to.
Why do I need to make a Will?
- If you have children that depend on you financially
- Guardianship, making sure that your children stay with people that you want them to be with.
- If you have or are getting remarried, then your original will become void
- If you want to leave something to someone outside of your immediate family
- A Will can help to reduce the amount of Inheritance Tax that might be payable on the value of your estate.
- A Will makes it so much easier for your family and friends to sort out your affairs when you die.
- If you don’t make a will everything you own gets shared in a standard way as defined by the law.
- Even if you are cohabiting and have children, in the eyes of the law you are still single, and your partner may not be entitled to anything.
What happens if I die without one?
Dying without a will is called Intestacy, for more information on how this works please view our explanatory flowchart. Fundamentally it means that the law will determine what will happen to your money, property and possessions.
There are a number of ways that your estate will be divided up depending on your circumstances.
- If you are married or in a civil partnership your spouse or partner might not necessarily inherit all of your assets/estate.
- If you are single with children everything will be shared equally between your children. You can make certain that you choose who you want as their legal guardians.
- If you are single and don’t have children everything will be shared equally amongst the next closest blood living relative, this can become complicated as it might not necessarily be the person you assumed was your closest blood relative. If you want to ensure that the right people inherit you need to state it in your will.
- If you don’t have any living relatives, then your estate will generally be passed to the Crown.
- Even if the laws of intestacy reflect what you might want, the law could change later in life.
- You can name the executors you trust; these are people that carry out instructions. This helps everything to be clear at an already difficult time.
How do I make a Will?
You need to see a properly qualified professional. A will is an important document and if it is not properly written, signed and witnessed it can become legally void.
We will advise you of everything that you need to include in your Will and walk you through the process.
Take away the uncertainty and contact me to arrange to make your will email@example.com or phone 01384 883883