We all know that we should have a Will in place but amazingly still, 2 in 3 people in the UK do not have an up to date Will in place and risk their Estate being distributed and possibly even going to the crown on their demise. Dying intestate (not having a valid Will in place) can mean serious consequences for your Estate.
We face choices every day of our lives. Some choices we make rationally, some we make emotionally. Making a Will should not only be an emotional choice but a rational one as well. You can help control what you leave even after you are gone.
Many people believe that they ‘don’t have anything to leave’ but the reality is that your Will doesn’t just distribute your assets.
Your Will can cover:
- Who will look after your children
- Who distributes your Estate
- What age your beneficiaries will inherit
- Your funeral wishes
- A list any specific gifts you wish to leave
- Trusts to protect certain assets
- Excluding people that you do not wish to benefit from your Estate
Imagine inheriting large sums of money on your 18th birthday, most young adults are not mature enough to deal with large sums of money at such a young age. Including a trust within a Will ensures that any money or assets they inherit will be put to good use by appointing trustees to manage the Estate until they reach a specified age.
People of all ages die or lose mental capacity every day. Whatever your age, if you have assets such as a house, savings or a business and you also have children or other people who need looking after, good Estate planning is highly recommended, considerations should be given to having a valid Will, Lasting Power of Attorney and even a funeral plan to save your family the worry and expense at such a difficult time.
Leaving these important decisions to the state to decide could mean losing control of the things you have worked hard for and part of the Estate going to the Crown.
If you are in any of the following situations you should have a Will:
- Married, engaged, living with your partner or in a civil partnership
- Divorced, separated or widowed
- Have children or are expecting children, whether with a current partner or not
- Own a property or more than one property
- Have specific assets or possessions you would like to go to particular people
9 out of 10 of you will fall into one of the above categories!