Wills Information Guide
Without doubt, the bulk of us ought to make a Will. Unfortunately many do not.
A Will is a cost effective financial planning tool. In fact, it is the only way you can decide what happens to your assets after you die. It also means you can make arrangements to appoint a guardian for your children, if they are under 18, in the unhappy event of your death.
There are choices when it comes to preparing a Will. You can do it yourself, with or without a kit. You can use an unregulated Will writer, a Bank or even a supermarket but there are benefits and safeguards from using a solicitor. The costs are much the same whoever you use but an experienced and qualified solicitor has a professional duty to act in your best interests, is accountable if he falls short of that duty and should provide peace of mind, not just to you, but to your family after you have gone.
Many people do not realise that with no Will in place, the law decides how their assets are to be distributed by following the quite old fashioned Intestacy Rules. You lose the right to choose and the result may not be what you would have wanted. It may even cause legal problems for those left behind.
Here are a few frequently asked questions about the consequences of not having a valid Will in place on your death.
Q. What happens if I die leaving no Will?
Reply: You forfeit the right to decide what happens to everything you own. The Intestacy Rules apply and you will have no say over who inherits your assets and who is appointed to distribute your estate under those rules.
Q. What if I have made a Will and have remarried or entered into a civil partnership at a later date?
Reply: The old Will fails, unless specifically made in contemplation of the marriage or civil partnership. None of your wishes may be carried out. Any children from a previous relationship may not benefit.
Q. What happens if I am in a relationship but not married or in a civil partnership? Will my partner inherit?
Reply: Your partner may get nothing regardless of how long you may have been together. This may force your partner to make a legal claim against your estate after your death.
Q. What happens if I am separated but not divorced?
Reply: Your ex-spouse/civil partner may get everything, with nothing left for the rest of your family.
Q. What happens if I want my children and grandchildren to share my estate?
Reply: They may get nothing under the Intestacy Rules. Nor will friends or your favourite charity, of course.
Q. Are my family likely to fall out with each other over who shares in my estate?
Reply: Hopefully not, but with no valid Will, those left out under the Intestacy Rules, may be forced to take legal action for financial provision if family members will not agree to a variation. Why leave room for that situation to occur?
Waters & Co., are local, approachable and professional and will make the process of making a Will as stress free as possible.
No matter how much family harmony there may be during your lifetime, you cannot be sure that this will always be the case and the safest way to ensure that your wishes are carried out is to have them contained in a Will.
This guide is provided for information purposes only and applies only in England and Wales. The information may become inaccurate over time, due to changes in the law. It is not possible to cover every situation or eventuality and is intended as a simplified overview which should not be treated as legal advice. You should appoint a solicitor to find out how the law applies to your personal situation.