Why making a Will is important for you and your loved ones
- If you die without a Will in place, the law on inheritance (known as Intestate succession law) will determine who inherits your estate.
- If you do not have a Will, your unmarried partner will not inherit from your estate without a court granting them a share in your estate.
- There is a misconception that Wills can be ignored until later in life.
Why do I need a Will?
Simply put, your Will is a legal document with your clearly written instructions on what should happen to your estate after you die – this means you get the final say on what happens.
If you die without a Will in place, the law on inheritance (known as Intestate succession law) will determine who inherits your estate. This may mean that your children, property and finances are not looked after according to your wishes. This can cause conflicts in families and may put loved ones already dealing with a devastating loss into even more stressful situations.
If you do not have a Will, your unmarried partner will not inherit from your estate without a court granting them a share in your estate. This can be an expensive process just to get what you would have given if you had made a Will. It may mean your pets are placed in temporary care or foster homes.
When should I write my Will?
Sadly, there is a misconception that Wills can be ignored until later in life. This perception often results in families not receiving the assets they were expecting. If you were to pass away suddenly, your loved ones may be left without the things you wanted them to have.
Who can write a Will?
Anyone over the age of eighteen and who is mentally capable can write a Will. Yet, more than half of people over eighteen in the UK do not have a Will.
Why can’t my loved ones arrange my affairs?
Although you may have excellent relations with your family and friends, after your death, relationships with each other may become strained. Managing your affairs will not determine who gets to inherit. Without a Will, the law determines who inherits and the order may not include those closest to you if they are lower down the hierarchy for inheritance.
A Will helps to avoid disagreements which may arise over who receives certain possessions, by detailing exactly what happens with your assets. If you do not have a Will in place, your estate will be divided according to intestacy rules rather than your wishes.
If you have a partner and children but are not married, the law may look to appoint guardians for your children that may not reflect your wishes. Also, if you are not married to your partner, they may not inherit the home you both shared unless they go through the court process and this can be very difficult for them.
At Osborne Morris & Morgan, we are here to help
If you do not currently have a Will or you would like to update your existing Will (which you should do at least every five years), our Wills Team are experts in this field and know exactly how to word legal documents with no room for confusion or misunderstanding.
Contact our Wills experts today on 01525 378177 or email email@example.com.