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Will Writing
WHAT IS A WILL?
A Will is a legal document which sets out how you wish your estate to be dealt with after your death.
For a Will to be valid it must be in writing and comply with certain legalities.
A Will states who you wish to appoint to deal with your estate, who you would like to benefit and enables you to stipulate your wishes for the care and long-term security of any dependents, including the appointment of Guardians for any children under the age of 18.
DO I NEED A WILL?
If you have thought what might happen to your estate after you die and believe that the distribution of your assets should be for you to decide, then you need a Will.
Whatever your age or circumstances, if you have any assets, whether it be a house, savings or a business, then you need a Will.
It is a common misconception that if you are married, your spouse will automatically inherit all of your estate. Without a Will, the law will decide what happens to your estate which can be drastically different to your wishes.
The Intestacy Laws which determine how your estate will be distributed date back to 1925 (Administration of Estate Act 1925) and some even pre-date this. These laws are now outdated and, in many ways, do not reflect modern society.
In the same way as the law decides what will happen to your estate, without a Will they will also decide who looks after your children. Having a Will safeguards the future for your children under 18 both financially and physically through the appointment of Guardians of your choice.
Making a Will ensures that you have your affairs in order and avoids loved ones having to face unnecessary legal and financial difficulties as well as coping with bereavement.
The only way to ensure that your estate is distributed according to your wishes is to write a Will.
WHAT HAPPENS IF I DIE WITHOUT A WILL?
If you die without a Will, your estate will not necessarily pass to those you wish to benefit after your death.
When you die with no Will you are said to die Intestate. Under English law, there are specific rules that set out who can administer your estate and what will happen to your property,
This may not mirror your wishes:
- Your estate will not necessarily pass to your partner or spouse when you die. While the surviving spouse or registered civil partner will usually benefit over anyone else, they may not receive all of your estate, and may not be able to maintain their current lifestyle.
- An unmarried partner is entitled to nothing even if you have been cohabiting prior to death.
- If you are single, your assets and possessions will be distributed in line with what the law says, rather than with what you want. The Rules of Intestacy will pass your property to your next of kin who may not be who you would have chosen to inherit.
- If you are a member of a blended family the intestacy laws will not recognise step-children and your spouse could inherit, bypassing your own children. A Will is the only way to ensure that everyone can benefit.
The Rules of Intestacy do not make provisions for unmarried partners, step-children, friends, pets and charities and therefore a Will is the only means of clearly stating your wishes.
Without a Will in place there may also be a need to set up statutory Trusts of intestacy, which can be complicated and expensive.
THE IMPORTANCE OF KEEPING A WILL UP TO DATE
You may have already written a Will; perhaps when you bought your first house or when your children were young. However, a lot may have changed since this Will was written and it might not properly reflect your wishes now:
- Do you have grandchildren now?
- Is it possible that some of the people mentioned in your Will have since passed away?
- Have your financial assets or personal possessions changed?
It’s advisable to review your Will every few years and certainly after every significant life change, so that it still reflects your wishes.
Life events such as marriage or divorce mean that parts, or all of your existing Will could become invalid making it necessary to write a new Will.
Heritage Will Writing Services are helping customers in Weymouth, Dorchester, Dorset and beyond with their Will writing requirements. Contact us today.
