There are many reasons why people should have a Will in place. Naturally, there are just as many explanations that people give as to why they haven’t gotten round to making one. Partially because of a lack of clear information, there’s little prompt for people to review their Will when something in their life changes, whether financially or personally, in light of changes to their financial or personal circumstance, and even less prompt for people to prepare a Will in the first place.
Many people wrongly assume what would happen to their estate if they were to die without having a Will in place. Whether it’s a matter of assuming that close family will automatically be the ones to inherit, even without a Will, or not using a trust to care for beneficiaries after your passing, certain assumptions can impact your future and that of your loved ones.
Do I really need a Will?
The truth is that if you die without a valid Will then the intestacy rules will apply which state how your estate must be shared on your death. The intestacy rules don’t always suit your individual circumstances especially in times where different and more complex family structures exist. Having a Will in place ensures that your estate passes where you intend and gives you an element of control and certainty.
Your Will can appoint executors to administer your estate. In its most simple terms, the role of the executor/s is to gather in your assets, pay your liabilities and distribute your estate in accordance with the terms of your Will. If you do not have a valid Will then the people entitled to administer your estate will be determined by the intestacy rules and this may not always be the most appropriate person.
Your Will can also include gifts of specific items or charitable gifts which otherwise wouldn’t be made if you didn’t have a valid Will in place. Having a Will can also allow you to include appropriate provision to care for beneficiaries by including a trust and ensuring that their entitlement is looked after in circumstances where it might not be appropriate to leave them a gift or a share of your estate outright. Alternatively, you may wish to strike a balance between providing for your spouse or civil partner but ultimately ensuring that your estate passes to your children and an appropriate trust in your Will could do this.
How a Wills, Trusts & Probate Solicitor can help
Whatever your situation, it’s better to take those steps towards protecting your future, as well as that of your family and loved ones.
Our dedicated Wills and Probate team can give you an initial consultation to establish your circumstances and find the right solution for you so that you know where you stand. Make an enquiry today or give us a call on 0151 282 1700.