Is it compulsory to make a Will?
No, it isn’t. Is it advisable? Definitely. Why is that? Well, it’s simply down to this: if you die without making a Will and leaving clear instructions, your assets may be distributed by a court rather than in accordance with your wishes. Just imagine the sort of repercussions that could have for your family. The consequences of not making a Will won’t affect you, but they certainly will affect your family. They’re the ones who’ll have to sort out your estate after you’ve gone: they’re the ones who’ll have to pick up the pieces whilst they’re still grieving. Doesn’t it make more sense to put your estate in order sooner rather than later? Isn’t it better to spare your family any unnecessary pain?
Harold Stock & Co Solicitors certainly think it is.
We’ve seen the consequences when people have died intestate. We’ve witnessed the resulting pain and distress. Yet in spite of this a large percentage of us still choose to bury our heads in the sand and hope that things will sort themselves out. Sadly they won’t. Our solicitors will tell you that the only way to guarantee the future financial security and stability of your family is by putting your estate in order and making a Will. If you need a bigger incentive than that, or still need further persuasion, then you might like to consider these points:
- The Intestacy rules may well result in the courts dividing your estate in a manner you would neither have wanted nor expected.
- There is no absolute provision for step-children and co-habitees under the rules of intestacy.
- If you die intestate, no-one has power to deal with and administer your estate until an Administrator is appointed. If you make a Will and name an Executor, he or she is empowered to deal with the administration of the estate immediately.
- Wills can be tax-efficient and legally limit inheritance tax so you don’t have to pay tax unnecessarily.
- You can use trusts to delay any inheritance for children or grandchildren until they reach an age and level of maturity where they are ready to manage money and property.
- You can leave legacies to those good causes and charities that you care most about.
- You can make provision for elderly or disabled relatives.
- You can leave personal chattels and pecuniary legacies to friends and God-children.
- A Will can help to avoid expensive litigation after your death in should there be any subsequent disagreement.
- You can appoint Guardians to look after your children in a Will.
Making a Will might seem like a scary prospect; after all, it is a tacit admission of your own mortality. But none the less it’s still the most important thing you can ever do for your family. A properly constructed Will guarantees that your loved ones are looked after and cared for in the way you would want and expect. Why not speak to Harold Stock & Co Solicitors and can see how we can help you plan for the future.
Call 01457 835597 or email info@haroldstock.com for further information.
