Why do you need to have a Will
There are several important reasons why everyone should have a legal will prepared. Some people shy away from the solemn responsibility of legal will preparation, but doing so only leaves the estate and assets they’ve worked for all their lives dangerously unprotected.
Without a legal will, you have no control over your assets or estate. The law will decide what happens to everything that belonged to you prior to your death.
Your loved ones may not receive their proper inheritance. Complete strangers will decide what happens to your estate, and what they decide may not be what you would have wanted. Your dependents may not be financially provided for in the manner you would have preferred.
Wills are not just for older, retired people, even young, single people need to have a will prepared. Just because you’re young or unmarried doesn’t mean that you shouldn’t make sure that your estate and possessions are divided amongst your family, friends and the charities of your choosing upon your death. That is a basic priority that all those over the age of 18 should immediately address.
For married people, it is important to have a will because the ‘spouse gets half rule’ may not always apply. As stated before, without a will, the law has control of the distribution of your assets and your assets may not be distributed to your spouse and children in the manner you would have desired.
For older, retired people, it is important to take time to review the will you already have in place. It is a good idea to sit down with a trusted professional to discuss the execution of any modifications to your legal will. If you are retired and you do not have a will, it is important you have one prepared to ensure protection of your estate and your wishes for the distribution of your assets.
Will charges do depend on the complexity of the Will.
What happens if I die without a Will?
What happens if you die without a legal will? It’s called intestacy in the UK and can have a detrimental effect on your loved ones and the distribution of your estate and assets.
If this happens, your estate and possessions will be under control of the law. What the law decides may not be what you would have decided.
It is very important to have a legal will prepared by a qualified professional. Whether you are eighteen or eighty, you need a will to ensure the proper distribution of your assets. Everyone should ensure that the assets they worked so hard to accumulate are distributed in accordance with their wishes.
If you’re married, it is incorrect to assume your spouse will automatically inherit your fortune. This is not always the case and is not guaranteed without a will.
To avoid the intestacy problem, all you need is a legal will.
Having a will is especially important for an unmarried couple. It is a common misconception that your partner will get your estate if you die without a will.
This is why it is absolutely crucial for all unmarried couples to have a legally binding will. With a will you can ensure that your money, property, assets and possessions are distributed to the individuals of your choosing in the way you want.
Whether you are a brand new parent or have several children already, it is important to make sure you have an updated will... You will want to make sure that your children under the age of 18 are cared for by someone you trust, someone you know will provide your children with the nurturing and care they need. The appointing of your children’s legal guardian upon your death is an important part of will preparation.
Contact us today to find out how we can help you further by calling our Freephone number on 0800 092 0529
Vulnerable Clients - Powers of Attorney, Court of Protection and care fees advice
You may need help during your life if you become incapable of conducting your financial affairs or caring for your own health and welfare. You may be caring for people who find themselves in this unfortunate position. We can help by giving you guidance on these issues and where appropriate prepare:
- Court of Protection deputyship applications
- Lasting Powers of Attorney and General Powers of Attorney
- Court of Protection applications e.g. for gifts from a patient's assets, change of deputy, change of trustee, sale of jointly owned property