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.