Imagine what would happen if you ignored making a will, protecting your assets and your business!
The five threats you face without a Will
Why make a Will?
Without a Will:
- You cannot be sure those you would wish to benefit actually do so.
- Your spouse/civil partner will not automatically inherit all of your estate.
- 'Common Law' partner may not receive anything.
- Minor children could be taken into care whilst Guardians are appointed.
- There could be lengthy delays for your beneficiaries and disputes.
- You cannot prevent certain family members from benefiting.
- You will not be able to leave something to friends, colleagues or charities, which fall outside the Rules of Intestacy.
Why do I need a Will?
The vast majority of people put off making a Will for a variety of reasons, either believing that the people they would wish to inherit will automatically do so, or because they don’t think it is relevant to them at this particular time.
The reality is that you can put off making a Will until it is too late and this poses all sorts of problems for the people left behind and could mean that some or all of your inheritance either goes to the wrong person or to the state..
Affording you Peace of Mind
Firstly and most importantly is the peace of mind making a Will provides.
Making a Will enables you to plan exactly what will happen to your property (estate) following your demise. This ensures that those you would like to benefit actually do so, in accordance with your wishes and at the same time avoiding any possible disputes between relatives.
Who needs to make a Will?
In particular, anyone with dependant relatives, (children under the age of 18, elderly relatives or relatives with a disability who have special needs), anyone who owns property or has any type of asset which you would wish relatives, friends or charities to benefit from.
But won’t everything go to my husband / wife / civil partner / parents / children etc automatically?
This is a common misconception and dependant on the size of your estate, there are set rules which will be applied to determine who inherits and how much if you do not make a Will.
So what happens if I don’t make a Will?
Who can make a Will?
Additionally, it is possible for members of the armed forces to make a Will under the age of 18 and individuals who are mentally incapable can also attain a Will under the agreement of the Court of Protection.
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Why do I need a Will?
What is the role of an Executor
What is the role of a Guardian