Just thinking about writing a Will can be daunting for some and it’s something that we tend to put off. The assumption here of course is often that if we don’t write a Will then we’re not going to need one. That is, we won’t die! This is clearly not the reality because none of us knows what is going to happen next and also no one has ever shown statistically that writing or not writing a Will can prolong or put off the inevitable! The truth is that the single most important reason for making a Will now is to make sure that whatever happens, your wishes are met and the right money goes to the right people at the right time.
The point here is that if you were to die without having made a Will then it is known as having died intestate and this means that it is the law that will decide who will inherit your estate. This is decided using an order of priority that starts at your spouse and then children, parents, brothers and sisters, grand parents, aunts and uncles, and finally The Crown (never met anyone yet who wanted to give their life’s earnings to The Crown)!
Of course you may say that’s fine because that means all my estate will go to my spouse or partner. Well actually no, not necessarily because there are statutory money limits on what your spouse or registered civil partner will get and so they might not get all of your estate. For example, unmarried couples cannot inherit from each other unless there is a Will in place and so if one partner dies it may very well create financial difficulties for the survivor. This can cause particular hardship if there are children involved through the partnership because the estate could well go to the deceased parents, brothers and sisters, grand parents, etc. For married couples, there are limits to the amount your spouse can receive through intestacy and once again this may mean that your money does not go where you would choose it to go!
We go back to the original and single most important reason for overcoming any barriers that you may have to making a Will now. That is, a Last Will and Testament will ensure that it is your wishes that are met and that your estate goes to the people you think it should, it’s quite simple - you really do need a Will.
Whether you require a straight forward Will or, you need to set up a Will trust to further protect your estate, you may well need some help and guidance with this. If so, Will Planning Solutions can provide you with friendly, clear, professional help and guidance on the complexities of making a Will. For further details now, please CLICK here to visit our feature on the bestofhinckley or if you prefer contact us on 01455 268 677 for a FREE, no obligations, initial discussion.
