Why you need a Will under 50
When we are teenagers and then parents, we all feel like we are going to live forever. Life is, and should always be, an adventure. Thinking of it ending is not something that we wish to consider but we all know someone who passed away in their 20s, 30s and 40s. After working hard for 10, 20, 30 years for your money, do you really want your estate to be distributed in ways that you do not agree with? The only way you can ensure that your wishes will be adhered to is by taking the time to have a Last Will and Testament created. At The Will Associates, we have experts that can guide you through the process of drafting a Will professionally to ensure that only the latest and most recent legislation is utilised, no matter how recently the legislation may have been changed. Of course, if you are over 50, it's just as important if not more important as you may have more to lose.
Can I write my own Will?
The simple answer is 'yes'. However, there have been multiple occasions where Wills have been poorly written or have not followed all legislation and have been invalidated. The issue is that this is only learned after the death of the person writing the Will, after which their real intentions can no longer be ascertained. Therefore, during probate the Will is open to being contested and a judgement then has to be made by a court as to who should receive the inheritance and in what percentages.
But doesn’t my Spouse automatically inherit ALL of my estates?
Unfortunately not. If you have children, grandchildren, surviving parents and even brothers, sisters or cousins, they may all be entitled to some of your estate if you do not have a Will to determine where YOU would like your estate to go after your death.
What Happens to our children if something happens to me and my partner?
Unless it is stipulated in a Will as to who should have Guardianship of the children, this decision will be made by a court. By having a Will you can make your wishes known. You can also stipulate when your children are to receive your estate during which time it can be managed on their behalf by an Executors Trust. A Will gives the control back to you!
What happens If I die without a Will?
If you die without a Will your estate becomes subject to the rules of intestacy. The same happens if your Will cannot be found, is destroyed or is not legally binding due to mistakes made in the writing procedure, normally associated with self-drafted Wills. Firstly, someone will need to apply to the local council to administer the estate on your behalf and the local government will decide if they are able to do that. Funeral costs will fall on the next-of-kin whilst a judge decides how the estate is to be split. This can be catastrophic to grieving family members at one of their worst times.
What are my next steps?
We are here to help. By calling 0800 8477 030, you can arrange a time for one of our trained consultants to visit to sit with you and talk through the process of getting your Will in place, at a time convenient to you, in the comfort of your own home. With consultants covering England and Wales, there will be someone close to you. It is as simple as that to start the procedure.