Do you know the Benefits of Writing a Will?
Have you ever thought about making a Will? If you haven’t, then you’re not alone. Statistics show that around 70% of the population currently don’t have a valid Will and approximately 2,000 people die every day without leaving a valid Will.
Making a Will means that you get to make a choice as to whom you would want to benefit under your Estate. This will give you peace of mind knowing that your loved ones are all taken care of after you pass away, and the people you want to inherit, will inherit.
Dying without a Will means that your Estate would be governed by the Intestacy Rules and this may end up not reflecting your wishes. You should remember to review your Will regularly in case of any change of circumstances. Did you know that your Will would have been revoked or cancelled if you have got married or entered a civil partnership?
Do you know the benefits of making a Will?
Some benefits including providing financial security for others, avoiding inheritance disputes, pet arrangements and more. We will be going into detail with these three amongst a few other benefits that we feel you need to know.
A Will is the best way for you to ensure that someone close to you is adequately provided for after you have passed away, allowing your nearest and dearest to have that financial stability and security. It is important to note that this is especially the case for unmarried couples as their relationship will not be recognised by the Intestacy Rules. Did you know that when it comes to the Intestacy Rules, there is no such thing as “common-law husband/wife”? If you cohabit with your partner and are not married or in a civil partnership, your partner may not receive anything on your death. By making a Will, you could save your loved one any additional stress in an already upsetting time. If you have competing interests between a spouse or cohabitee and children from a previous relationship, a Will would help to settle any disputes that may arise.
Worried about what will happen to your children and who will care for them? You can appoint a guardian under your Will, but you should always speak to them beforehand to ensure that they are willing and able.
We fully agree that a pet is a member of the family, but are you concerned about who will look after your pet or pets when you are gone? The easiest solution for this is to nominate someone you trust to make sensible decisions for your animals.
No one wants to plan their funeral, but a Will helps to leave your final farewell instructions for others to plan around. The same also applies to your burial or cremation, you can even choose to donate your body to medical research if you wish.
There are two main and important steps to creating a valid Will. They are making an overall plan and getting your Will written by a professional.
If you would like to know more about Wills and how to make a valid one, our Will experts would love to hear from you. Appointments can be made either at our offices or, if you are unable to get to our offices, we can arrange to meet you in the comfort of your own home.