Why Should I Make a Will?
Modern society is complex, with Partnerships, Second Marriages and Alternate Lifestyles becoming more common-place, so having a Will and proper Estate Planning are more important than ever before.
There are many misconceptions about inheritance laws, and should you die Intestate (without a Will), your surviving loved ones could find themselves dealing with complicated paperwork during an emotionally challenging time.
Thinking about and planning for death is bound to make most of us feel uncomfortable, but not doing so is likely to make the situation for those you leave behind far more painful than if you take the time to write a valid Will now. Below, we have outlined a few pointers to help show the importance of having a Will; in order to get personalised advice, contact us for an appointment with one of our representatives.
Who do you trust enough to care for your children should the worst happen? It is a common misconception that Godparents or Grandparents will automatically take legal guardianship of orphaned children, but this is not the case. In the event no provision has been made for guardianship, the Court will step in and decide who is best suited to raise your children, so it is vital you have named the people you would trust with their upbringing in a valid Will.
Many people make the mistake of assuming that their partner or spouse will automatically inherit their entire Estate, but this is not always the case. In some instances, particularly where no legal partnership or marriage exists, siblings, parents and other family members may have the right to claim possession of assets.
Single people with no dependants often do not see the need for a Will, but unless you have clearly outlined how you would like your assets to be divided, and to whom, your Estate could fall into a legal limbo. If you would like to leave bequests to friends, family or charities, it is important that you record these wishes in a valid Will.
By retirement age, many people will already have a Will, but the likelihood is that it will need updating to account for changes in circumstance, the addition of Grandchildren and many other factors. If you have made arrangements in your Will to look after your property, you could also protect this valuable asset from the assessment for paying care home fees.