Why You Should Make a Will
It's never too early but often too late!
Many people put off making a Will until it is too late and this can pose all sorts of problems for the people left behind. Not making a Will could mean that some, or all of your Inheritance either goes to the wrong person, may lead to challenges or family arguments or even, in extreme cases, be passed on to the state.
Making a Will enables you to plan exactly what will happen to your property (Estate) after you pass away. A Will ensures that the people that you would like to benefit actually do so, in accordance with your wishes, and at the same time avoiding any possible disputes between relatives. Most importantly is the peace of mind that making a Will can provide. A Will is not only about money or property, it can also include issues such as guardians for dependants, funeral arrangements and/or personal bequests, gifts or donations.
Without a Will
- You cannot be sure those you would wish to benefit will actually do so.
- Your spouse/civil partner may not automatically inherit ALL of your Estate.
- Common Law’ partners may not receive anything at all.
- Minor children could be taken into Care whilst Guardians are appointed (See Role of a Guardian).
- There could be lengthy delays for your Beneficiaries particularly if there are any disputes .
- You cannot prevent certain family members from benefiting (See Rules of Intestacy).
- You will not be able to leave something to friends, colleagues or charities, which fall outside of the Rules of Intestacy.
The absence of a Will can cause problems, heartbreak, financial hardship and unnecessary expense for your family, at the very worst possible time.
Protecting your assets
Making a Will is a good start, however you may also want to consider the following issues that are not addressed or solved by a Will alone:
- Protecting your Children's inheritance.
- Protecting your home and assets from Care Costs
- Protecting the family business
These issues and estate planning work in conjunction with the writing of your Will. Real Life Legacy can help you with separate discussion or provide appointments to discuss these other topics.
