The Benefits Of Writing A Will Today
The Law Of…Setting Up Your Will Sooner Rather Than Later
It's important to make sure all the proper arrangements are made should the inevitable happen. Setting up a Will ensures that your estate is distributed among the people you care about.
Sarah Ali, Wills and Probate Solicitor, explains why setting up a Will as soon as possible is the right thing to do.
What Are The Benefits Of A Will?
Writing a will gives you control over what happens to your assets after you die. Assets such as finances and property can be redistributed as you see fit. You can also make arrangements for your children if they are under 18 by appointing guardians.
A Will allows you to name executors too, who are individuals that will ensure your Will is carried out as you requested. It also extends beyond matters of finances, for example, funeral wishes can be included in your Will, which will then be followed by your executors.
What If I Don’t Write A Will?
If you die without a will in place, the intestacy rules will be followed. This is when the government will decide, based on strict legal rules, who should receive any assets you leave behind. Intestacy can be a very long and stressful process, one which your family may have to deal with in the wake of your death in order to see finances properly allocated.
Aside from your wishes not being carried out to the letter, other issues that can arise from intestacy are:
- If you are unmarried but have a partner the court will not recognise that partnership in the case of intestacy
- Financial limits apply to how much your husband or wife can receive. For example, they could retain the family home through intestacy, but not sufficient funds from your estate to live there.
Who Can Make A Will?
Anyone over the age of 18 is legally allowed to write a Will. However, this person must be considered legally sound of mind, and not lacking the capacity to make decisions in any way.
To be considered legally sound of mind, a person must be:
- Aware that they are making a Will and have knowledge of their assets
- Fully aware of all beneficiaries included in the Will
- Understand which people may expect to inherit something from you
If a person has already lost mental capacity, perhaps through an accident or degenerative disease, and has not written a Will, then Lasting Powers of Attorney can be used to see that assets are properly redistributed.
What If I Already Have A Will?
If you already have a Will in place then you will require a solicitor to put in a 'revocation clause'. This clause will render any previous Wills you have had written up invalid. If you do not have this clause put in, then when it comes time to share out your assets there could be complications, and perhaps even disputes between the Wills.
Is A Solicitor Necessary?
Absolutely. People can sometimes be tempted by DIY services found on the internet. This often leads to the Will being invalid due to mistakes made. To ensure your Will is valid it is of the upmost importance that you get it written up by a trained solicitor.
"It is imperative that you prepare a Will to ensure that your wishes are carried out when you have died. It is extremely important that a Solicitor is instructed to prepare your Will to ensure that your Will is legally binding."
Write Your Will Today
It's never too early to get your Will written, giving you and your family peace of mind for the future. Our Specialist Wills Solicitors have years of experience helping clients get the service they want.
Get in touch today on our freephone number, or through our online enquiry form.