Top 5 reasons to make a Will in 2022
October is “Make a Will” month, and it’s the perfect opportunity to make sure your affairs are in order.
Many people think that they don’t need to make a Will for a variety of reasons, ranging from “everything will go to my spouse/children” to “I don’t have anything to leave”.
So let’s talk about 5 reasons why you SHOULD make a Will!
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We don’t know when we’ll die
Some people think it’s horrible to think about death - but as the saying goes, it is one of two certainties in life!
The reality is that people die unexpectedly all the time. I have dealt with the estate of a lady who slipped over in the street in the winter and died as a result. I have also spoken with a family where the young father had an ear infection and later died of complications.
The truth is that if you have a Will in place, you are prepared for any unexpected circumstances. For complete protection, you may also want to think about a Lasting Power of Attorney in case you lose the mental capacity to manage your affairs yourself.
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Control over who benefits
Whilst in some simple cases your spouse or children will inherit everything, the intestacy rules (which apply to anyone who dies without leaving a Will) don’t consider your personal circumstances.
That means that your beneficiaries are based on who would usually be considered your closest relative objectively. For example, if you aren’t married to (or in a civil partnership with) your partner then they are unlikely to inherit. If you have fallen out with your parents, they may still inherit. If your sister is a millionaire and your brother is poor, they would still inherit equally.
Making a Will means that you can easily decide who receives what from your estate when you die.
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Funeral wishes
I am seeing more and more clients who want a small funeral service, or sometimes no service at all. If you have strong wishes about anything to do with your funeral then this can go into your Will, so that your wishes are there in black and white. It makes things much easier for the loved ones left behind if you have left guidance about what you want. This can range from burial vs cremation, to which songs you would like to be played during the service.
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Guardianship for young children
If a child’s parents die whilst they are under 18 then the rules around guardianship can be complicated.
In your Will, you can appoint one or more guardians who become legally responsible for your child as soon as the second parent dies – no questions asked and no Court applications necessary.
This is significantly easier than the alternative – leaving your children with uncertainty about who will look after them whilst Court proceedings are ongoing.
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It makes the process quicker
Many people are still unaware of how long probate takes – usually between 12 and 18 months in my experience, but it can be much longer if things are complicated.
Dying with a Will makes that process much quicker. This is because the Executors (the people appointed to collect in the assets and pay them to the beneficiaries) are authorised by the Will to deal with your estate. If you die without a Will, someone must make an application to the Probate Registry asking them to authorise you – and again, there is a priority order based on blood relationships. This process takes at least 8 weeks at the time of writing, meaning you can’t do very much until that authorisation is granted.
For more information about making a Will, you can contact our experienced team of lawyers on 0116 212 1000 or 01858 445 480. Contact Us here.
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