While making a Will might seem like a daunting prospect, they’re important to ensure that your assets go where you want them to after you die. If you pass away without a Will, there are certain rules about where your money and possessions will be allocated, which might oppose what you wished to happen.
Carly Teer, a paralegal in the Wills, Trusts & Estates team, explains why you should make a Will.
Common misconceptions
It is common for people to assume that their “next of kin” will automatically inherit all their assets when they die, but this is not always the case. Creating a Will puts you in control to decide who will benefit from your estate and what exactly they will be entitled to. It also allows you to appoint somebody you trust entirely to deal with the administration of your affairs.
What happens if I die without making a Will?
If you die without having made a valid Will, also known as ‘intestate’, the intestacy rules apply which will ultimately decide who benefits from your estate, which may create difficulties between your loved ones.
It is especially important to make a Will if you are unmarried or you have not registered your civil partnership, as partners simply living together do not benefit from the estate if not specifically provided for in a Will. Without one, distant family members may legally be entitled to your hard-earned assets.
Protect your family’s future
A Will can be used to ensure you make provisions for those that need it, whilst protecting assets for other beneficiaries. For example, married couples can very easily set their Wills up to protect a share of their home from being used to pay for care fees. This will give them the comfort of knowing the property is available for one of the partners to live in for as long as it’s required. Equally, for couples who each have children from previous relationships, a trust can be used to ring fence a part of the estate for those children. Otherwise, the intestacy rules may result in all the marital assets being passed down to the surviving spouse, with the children of the first spouse getting nothing.
With modern family structures, including second marriages and stepchildren to provide for, the intestacy rules will almost always be insufficient in ensure that you look after your loved ones fairly.
Some assets, such as joint property, do not pass under the terms of your Will. Instructing an appropriately qualified solicitor will help to identify these assets and, if necessary, restructure them in such a way that will allow you to pass them to your loved ones under the terms of your Will.
A correctly drafted Will can also enable someone to manage the inheritance you leave to a disabled or vulnerable person. You can also nominate someone to act as a guardian for your children (or even pets) within your Will (if you die while your children are minors) and you can also record your funeral wishes in your Will. These are things that people do not commonly discuss within a family, so formally expressing your wishes in a Will can provide very helpful and practical guidance for those you leave behind.
We can help you
If you want to draft a Will, our empathetic team of experts can assist you. Get in touch today to speak to our friendly team by either calling us on 0151 282 1700, requesting a call back for a time that suits you, or making an enquiry.