How important is it to have a will?

As a solicitor I feel it would be important to have a will because of the following reasons: 

  • A will provide’s clarity 
  • A will provide’s certainty 
  • A will provide’s your family with reassurance of your wishes 
  • A will can be more tax efficient
  • It can save your family from endless trips/telephone calls to the solicitors 
  • It can save your family from paying unnecessary expenses 

The choice is down to you. The question to ask yourself is whether you would rather leave it till last minute, or whether to get your will written today, facing death knowing that you have done all you can to make life easier for your loved ones.

So what happens if you don’t have a will?

The rule of Intestacy kicks in when you don’t have a will. This in essence is the law dictating where your assets should go. This is a one size fits all blanket and does not take into consideration the modern-day family. For example, between married or civil partnerships, the assets will pass between spouses and partners. This is the case if you have no children, however if you any children and are worth more than £270,000, your spouse or partner receives the first £270,000 and any personal chattels and then the reminder is split 50% to your spouse and 50% between your biological children. In short if you are not married to your partner, even if you are co-habiting, you don’t inherit anything. If you have children, they would then inherit the estate. Therefore, if you are not married or are not in a civil partnership, if you have stepchildren, distant relatives, or if you want to choose who inherits your estate then this will only be the case if you draft your will. 

In the event there is no surviving family, your assets will pass to the crown unless you state in your will where you want your assets to go (e.g charities or friends).

Everyone is going to die- we just don’t know when.

Call us for your free consultation today.

Leave a Comment

Your email address will not be published.