Making a Will
Making a Will is something most of us think about doing but many of us fail to actually do – and the consequences can be severe. Did you know that dying without a Will means having no say over what happens to your property and possessions?
If you die and don’t have a current Will, your estate is dealt with according to the rules of intestacy rather than according to your wishes. This can mean loved ones don’t inherit and can create more stress and financial strain for your family at an already distressing time.
More than two in three individuals don’t have an up-to-date Will, according to recent surveys, which means that more than two-thirds of us run the risk of dying intestate and having no control over the distribution of our estates.
Your estate is everything you own and have, including property and valuables as well as liabilities and debt.
What Does It Mean To Die Without A Will?
If you die without a Will, loved ones may not inherit as the rules of intestacy can be unfair and fail to consider your personal circumstances. For example, under inheritance law in England and Wales, unmarried couples or step children are not acknowledged, so partners and step children would not automatically inherit.
The consequences of not making a Will can be devastating for family members – and for you.
Without a Will:
- You have no say over what happens to your assets, including property
- If you co-habit, your partner won’t automatically inherit
- If you’re married, your spouse may not inherit as much as you wish
- Your family and loved ones could face additional time delays, costs and stress
- Disagreements are more likely to arise among family members, especially those who won’t inherit under the rules of intestacy
- You will likely pay more inheritance tax
- If you have no surviving relative who can inherit, your estate passes to the Crown
Why Make A Will?
You should make a Will to ensure your loved ones are taken care of after you’ve gone.
Making a Will gives you control over what happens when you die – you decide how your possessions, including property and jewellery, are to be divided amongst family and friends. You can choose to leave individual items to certain people and arrange for charities close to your heart to benefit also.
Furthermore, you can appoint a Guardian to care for your children should you die when they’re young, and can appoint Executors to carry out your wishes.
How Do I Make A Will?
Our Wills and Probate team at Bartletts Solicitors has extensive experience and knowledge of the law. We will take the time to understand your individual situation and exactly what you’d like to happen to your estate, and advise you and help you to write the most effective Will for you and your loved ones.
Furthermore, we can help you plan ahead to minimise inheritance tax on your estate so your loved ones can inherit the most as a result.
With our help, your Will shall express your every wish and make sure your loved ones are provided for long after you’ve gone.
For advice and guidance on making your Will, please contact our solicitors on 0800 988 3674 or 01244 311633 email advice@bartletts.co.uk
