Although it is often daunting to think about the future, and all its uncertainties, writing a will is a chance to give yourself and those around you the certainty that you might need. Although having a will is entirely a personal decision to make, we think it is essential for people to understand the benefits of having one, along with the consequences of not.
In the event that someone passes away, without having a will in place, it is not possible to control who receives their assets that have been left behind. If this occurs, the ‘Rules of Intestacy’ take place, meaning that only married or civil partners and some other relatives can inherit assets left behind. This can often result in someone’s assets going to the wrong person. Having a will in place can alleviate this problem and ensure that your loved ones have access to the inheritance you want them to have.
It is also vital, for example, when buying a house with another person, to make sure a decision is made as to what happens if one of you dies. Do you want the property to automatically pass to the survivor or do you want your share of the property to go to someone else? These kinds of situations make it essential to protect your assets against these future dilemmas and to have your will in place. Also having a Lasting Power of Attorney is a key way to making sure that someone you trust is appointed to deal with your welfare and financial affairs should you unfortunately not be able to do it yourself.
We hope that going on to write your will and put your affairs into place will put you at ease and give you the assurance that your loved ones get the inheritance that you desire.