Your property and affairs must be dealt with when you die. If you make a Will, your property will be dealt with in accordance with your wishes when you die. Not making one means that the 'intestacy' rules would have to be applied, and their provisions may not be what you would have wanted (see details below).
Further, having a Will can help:
Reduce administration costs
Speed up the process of transferring your assets to beneficiaries thus reducing stress and hardship for your family and friends at a time of bereavement
Minimise any liability to Inheritance Tax (IHT) or care home fees
Provide for a friend or unmarried partner which is not possible without a Will
Take care of the needs of young children who may be left without parents.
Why use a solicitor to draw up your Will?
Where an individual draws up his or her own Will, even using one of the ‘DIY’ kits available, errors can be made which can invalidate the entire Will.
A solicitor will be aware of how to express your wishes in legal terms which may have entirely different meanings to their everyday use, and can ensure that the strict rules applicable to signing and witnessing a Will are followed. In doing so, expensive delays in interpreting your Will on your death will be avoided along with the risk of the whole Will being invalid.
Many solicitors, including Buckles Solicitors LLP, can offer advice on related matters such as inheritance law and taxation, protecting assets from care home fees and Enduring Powers of Attorney.
What happens if I or my parents do not make a Will?
Your property and affairs must be dealt with when you die, dying without having made a Will (intestate) may involve a more complex and expensive administration procedure and increase your potential IHT liability. It will also bring into effect the rules of intestacy and their provisions may not be what you would have wanted:
If you do not make a will:
Your husband or wife may only be entitled to part of your estate
Any property which may pass to your children or grandchildren will be divided equally between them rather than in a way which benefits those who need it the most and they will receive it at 18 which you may feel is too young
Only blood relatives and your spouse can benefit so that your in-laws, friends and unmarried partner (whether having lived with you for many years or not) will NOT inherit anything.
Further, having a Will can help:
Reduce administration costs
Speed up the process of transferring your assets to beneficiaries thus reducing stress and hardship for your family and friends at a time of bereavement
Minimise any liability to Inheritance Tax (IHT)
Provide for a friend or unmarried partner which is not possible without a Will
Take care of the needs of young children who may be left without parents.
