It’s Important to understand what will happen to our estate if we die without a Will.
We probably all understand that we should have a Will but the reality is that most of us don’t have one. In fact, it’s suggested that around two thirds of the population in England and Wales don’t currently have a Will in place.
Making a Will is the only way to ensure that your wishes are carried out after your death. If you have not made, or do not have a valid Will, your property will pass according to the Law of Intestacy. This may not what you would have wished. In any event it is likely to take longer to finalise than if you had made a Will. During that time your beneficiaries may not be able to draw any money from your estate and it can lead to arguments and distress for your relatives
Why should I make a will?
If you are a single person – you may want to leave your estate to friends or a charity
If you are living as a couple – but not officially married, you may be treated as a single person, and surviving partner may not get anything at all!
If You are Married – Don’t assume “ my other half” may get. Often Your Children might have a right to part of your Estate.
If you are a Parent – you should consider who would look after your minor Children in the Event of your death.This is particularly important in the case of ‘one parent’ families and unmarried parents living together. A valid Will nominating Guardians is invaluable in such cases. If no one knows what you wanted, the Court will decide on the future of your children, and may place them in a Foster Home.
If you are retired- probably you made a Will a long time ago and may need updating to include additional grandchildren. It is advisable that a Will is updated every 3-5 years to take into consideration your changes in circumstances.
However, if you have not made a Will – the Government will decide for you, and will distribute your assets for you, which may not be in the way that you want.
Protect those You Love- Don’t Leave a Financial Headache For Them…….Make a Will!