Wills
Get your Will sorted because unexpected does not wait for the right moment.
A will lets you decide who will receive your property after death. There are huge benefits in having one and even more risks in not. Though it is hard to think about your passing, making sure your loved ones don’t have the headache of bitter disputes is worth it.
If you die without a will (or intestate) at best it will be inconvenient, at worst some of your most loved ones could be left uncared for and grappling with the court. This is as the courts will oversee who gets your property and is problematic for several reasons.
The biggest issue is that your property may not get given to the people you want in the manner you want. The Administration of Estates Act was introduced in 1925, it is easy to assume that morals were a little different at the time. This is even more apparent when we learn that the rule outlined does not act kindly towards unmarried partners who live together.
There is a certain formula the courts use, only allocating assets to married partners or close relatives. This becomes a big issue when you are not formally married to your partner, leaving them with no financial support. This is as, despite popular myths, there is no such thing as a common-law spouse which means a partner that you have lived with for 30 years will not have any legal right to your estate.
The courts don’t take into account the complexity of the modern family and children from previous marriages could be left behind. If your life at home has changed, your property could be left to a spouse that has, for example, moved in their new partner.
A very common problem that keeps emerging is people not knowing what is needed to make a legally valid as it takes a little more than writing down what you want to give to whom.
There are several legal requirements that are needed to make a will. It has to be made and signed voluntarily by someone over 18 years old of sound mind, in the presence of two witnesses who are also supposed to sign the written document. Every change that you make also needs to be signed and witnessed too.
Over one in two adults still have not made a will in England. The most popular response in a 2017 survey that asked why people haven’t was that they put it off as they were convinced they would do it later in life. But, we know as well as you do that planning for the future is extremely important, especially in protecting our family. Though it sounds like a lot of work, we can help you through every step of the way.
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Your will is your chance to make your mark.
Be it in handing down sentimental gifts or giving to charity, your final wishes will help people remember you in the right way.
It is always advisable to review your Will every 2-3 years and certainly if any major life events occur, such as:
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Marriage/civil partnership
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Birth of a child
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Divorce
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Moving house/purchasing additional property
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Separation
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Starting a business
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Co-habitation
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Death/bereavement
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Acquiring wealth
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Other changes in personal circumstances