A Will is a legal document
which set outs who you would like to deal with your financial matters when you
have died and who should inherit your
assets.
If you die without a Will,
your assets will be inherited by certain family members in accordance with the
intestacy rules. You will not have a say in who inherits or who deals with
your estate. Likewise it can be more difficult for your loved ones and family
members after you die if you do not make a Will. At Fairstep Solicitors we
offer Will writing and assistance services in Suffolk, and are on hand to help
you, but why should you create a Will in the first place?
Here are the top five reasons
to make a Will;
1. Choose who will handle your estate
When you write a Will, you
will nominate your chosen Executors, who will manage your estate after your
death which may include, closing accounts, selling shares, applying for a Grant
of Probate, paying any debts, arranging your funeral and insuring that your chosen beneficiaries
inherit your assets in accordance with your wishes.
If you do not make a Will, the
person(s) entitled to manage your estate will be determined by the Intestacy
Rules and may not be the person you would choose.
2. Choose who will inherit your property and other assets
If you die without making a
Will, those that will inherit your assets are determined by the Intestacy Rules
and this may mean that relatives that you have not seen for many years or do
not know will inherit your estate.
By making a Will, you will
decide who does and who does not inherit your estate. You can for example,
leave beneficiaries specific items, set sums of money or a share of your
estate.
Likewise, if you would like to
benefit a charity on your death, you would need to make a Will to do so.
3. Protect an unmarried partner or
step-children
If you die without making a
valid Will, your estate will pass under the Intestacy Rules. Unmarried partners
and step-children are not entitled to inherit under the Intestacy Rules and so
should you wish your partner or step-child to inherit, you should make a Will
to specifically include them.
4. Appoint guardians
You can use your Will to
appoint Guardians for your minor children. The surviving parent would normally
care for minor children in the event of your death however if both parents have
died, it is important to have appointed a Guardian to look after your children.
If you don’t nominate a Guardian, the Court will be responsible for choosing a
Guardian and so it is best to appoint someone of your choice.
5. Leave instructions for
your funeral
You may not have thought about
your funeral wishes yet but if you have any specific wishes you should include
these in your Will. Whilst funeral wishes are not binding on your Executors,
they give your loved ones helpful guidance.
Whilst a Will is a
legally-binding document if prepared correctly, if prepared incorrectly or
ill-drafted, a Will may not be valid, may not give effect to your wishes and may
make handling your estate more difficult and costly for your Executors and it
is therefore advisable to seek legal advice when making a Will.
For Will writing services and
advice, or if you would like to make a Will please contact Tina
Dennison-Wiggins on 01394 277 941 or tina@fairstep.co.uk today or
fill out our contact form. We are here to
help you.
