A Will is a legal document that sets out what you want to happen when you die, including how you wish your assets to be distributed.
Making a Will is the only way to ensure your property, money, personal possessions and other assets pass on to those you wish to benefit from them after your death.
Benefits of a Will
There are many advantages to writing a Will, including:
- It gives you control over your estate.
- It ensures your assets go to those you want them to.
- It protects children and unmarried partners.
- It saves money, time, and stress.
- It provides clarity about your wishes.
- It gives peace of mind and protection to your loved ones.
- It makes the legal process of probate simpler for your loved ones.
- A well-drafted Will can minimise an inheritance tax (IHT) bill.
- It lowers the potential for future disputes.
- It enables you to appoint guardians to look after any children you may leave behind.
- You can nominate executors of your choice.
- It allows you to support your favourite causes and leave a legacy.
Everyone over the age of 18 should have a Will.
Dying Without a Will
However, despite their importance, a recent survey revealed that less than half of UK adults have a Will, and fewer still have spoken to anyone about what should happen to their estate upon their passing.
Of those who had not made a Will, two in five said that they had not got around to making one yet, while almost a third felt they did not have enough to warrant making a Will, according to the National Will Register’s research.
Not having a Will in place that reflects your requirements puts your assets at risk and can lead to problems for your family and loved ones.
Contrary to popular belief, just because you are married, in the absence of a Will your surviving spouse will not automatically inherit all. If there is no Will in place, the management of your estate and how it is distributed will be subject to the law of intestacy and decided by the law.
The procedure can be lengthy and stressful for your loved ones and your wishes may not be fulfilled in the way you had intended.
Rules of Intestacy
Dying without a Will means that you die intestate, and your estate goes to your legal next of kin. The rules of intestacy set out who is the legal next-of-kin when someone dies without a Will, according to a strict hierarchy.
The laws of intestacy state that, if you’re married, your spouse will inherit the first £322,000 along with all your personal possessions. Anything above that will be split in half, with one-half going to your spouse and one-half in equal shares to any children.
If you’re not married it will follow your bloodline, passing to your children, grandchildren, parents or siblings. If you die intestate and have no family to inherit, your estate will be passed to the Crown.
Unmarried partners do not automatically inherit under the rules of intestacy, meaning Wills are especially important for cohabiting couples. Similarly, friends, carers, and relations by marriage are not entitled to inherit under the intestacy rules.
Will Writing Solicitors Portsmouth
Having a Will protects your assets and ensures they are distributed in the way you require after your death. Not having a Will in place that reflects your requirements puts your assets at risk and can lead to problems for your loved ones.
Although most people understand what a Will is, too many people die without a Will, which means their assets may not be protected and distributed appropriately. To avoid this from happening preparing a Will is essential.
At Larcomes, our experienced Wills and Probate Solicitors give accessible, cost effective and specialist legal advice.
Our solicitors will work with you to assess your individual needs and guide you through the best possible estate and inheritance planning solution for you and your family. We also have the expertise to deal with high value assets including issues such as inheritance tax and trusts.
Several of our private client solicitors are fully accredited members of the Society of Trust and Estate Practitioners (STEP), a global professional body, comprising lawyers, accountants, trustees and other practitioners that help families plan for their futures and are dedicated to maintaining the highest professional values.
As members of STEP, we adhere to the STEP Code for Will Preparation in England and Wales, a set of ethical principles that demonstrate openly the standard of transparency and service you can expect from a STEP member.
To discuss drafting your first Will, or to update an existing Will, call our Wills and Probate team on 023 9244 8100 to make an enquiry.
Please note that this article is not intended to be legal or professional advice. It is for general guidance only, and updates to the law may have changed since it was published.
