Why should I make a Will?
It’s very important to understand what will happen to our belongings, property or savings (our estate) if we die without making a valid Will.
It is common knowledge that we should have a Will in place, after all we are ALL going to pass on at some stage, but unbelievably a high percentage of adults in the UK, still do not have a valid Will in place, this is even more amazing when you consider that making a Will is the only way we can ensure our wishes are carried out about who gets what after our death.
If we die without having a valid Will in place, this means we have died intestate and the law will pass what we own under intestacy rules and this will very probably not be what we wanted, but it will be too late to do anything about it.
Dying without a Will results in it taking longer to administer your estate than it would if you had a Will and during this time, your beneficiaries may not be able to draw any money from your estate, plus it can lead to fall out, arguments and a lot of distress for your loved ones.
What if you are single?
You may wish to pass your estate among your child or children, family, friends or a charity.
What if you are married?
Please do not assume my other half will get everything without a Will, this is not always the case. Parents, brothers and sisters may have a claim on your estate, plus what happens on the death of the surviving spouse, where does all of your estate pass to?
What if you are partners and are not married?
You may be treated as a single person and as a surviving partner, you may get nothing at all-only any jointly held assets with the deceased partner. The one thing you can almost guarantee, is there will be fall out, disputes and arguments at the worst possible time for the family after the loss of a loved one.
What if you or your spouse/partner have children to a previous relationship?
If you or your spouse/partner have children to a previous relationship, this can be problematic, as if the first to die leaves children, there is no guarantee they will receive anything when the survivor eventually dies, as the survivor may re-marry, or just simply cut your children out of their Will-history shows us this really does happen all to often.
What if you have young children?
You should consider who you would wish to become a guardian to your children in the event of you dying before they reach adulthood. This is always very important, but in particular in cases of a single parent or unmarried couples living together. If your wishes aren’t known in this area, a court will decide on the future of your children and this may not be what you or your children would have wanted.
What if you are separated and not divorced yet?
Many people have been separated from their spouses for a period of time, sometimes 15 to 20 years or so. It doesn’t matter that you have been separated for years, if you die before you divorce with no Will in place, your estranged spouse will inherit a significant chunk of your estate (all of your estate in certain cases). This very probably would not be what you wanted judging by our experience of separated couples!
Having a professionally drafted Will can help to ensure the above worries are covered for you.