We’ve all heard of a story of a resentful child who hasn’t received what they were expecting after their parent’s death.
Tensions running high at such an emotional time can often lead to long-standing family disputes – rarely what the deceased would have wanted, and something that could have easily been avoided.
In fact, a will is arguably the most important document that you will ever have to write.
But, what exactly is a will?
In simple terms, it’s a binding testamentary document which allows you to decide what happens to your estate, money and possessions after you pass away. Without a will, it’s up to the law to decide how your estate is passed on, which may not be in the best interests of your family, or in line with your wishes.
So, if you want to ensure your possessions are passed on to people or organisations that you truly care about, the only certain way to do so is to make a will.
It’s easy to put off making a will
Death is inevitable, of course, but the global pandemic was the reason why there was a 69% spike in will-making enquiries from 23 March 2020, one day after the UK went into lockdown.
However, after lockdown measures were eased, research found that 74% of UK adults still haven’t had conversations with loved ones about their preferences for after they have passed, which in the long run may cause issues.
Protecting your family and friends
In many cases, people write their wills to make sure their loved ones are looked after when they pass away.
For example, a will is crucial if you are unmarried and wish to provide for your partner after you’re gone. Under the law, your partner would have no legal right to your possessions if you should die “intestate” – that is, without a will in place.
Even for those who are married or in civil partnerships, if you pass away without leaving a legally binding document, that could result in your partner not inheriting all of your property or possessions.
Some of your assets could end up going to family members you don’t feel deserve it, and leaving your immediate family with less than you’d like them to have.
Protecting your legacy
If you pass away without a will, your possessions, money and property will be distributed according to the intestacy rules, which may not reflect your wishes and demands.
This can result in loved ones feeling distraught, while former spouses and family members you barely know have assets passed to them.
However, for people who have no relatives, unless long lost relatives are found, all possessions are passed to the Government, with no guarantee it will be spent on things you consider worthwhile..
Keeping it up to date
It’s all well and good having drafted a will but it needs to be both up-to-date and legally compliant.
This is why it is important to seek guidance from us at Bulley Davey Wealth Management.
To discuss your options around wills and applying for probate, which offers a chance at closure in the loss of a loved one, such as paying final bills and executing the will, give us a call on 01775 718850 or firstname.lastname@example.org