Do you have a Will?
Did you know that if you pass away without a valid will in place, your estate will be distributed according to the rules of intestacy?
These are a set of guidelines established in 1925 and are used by the courts to distribute someone’s estate in the event they pass away without a Will. The rules do not take your wishes and desires into consideration and tend not to recognise modern family arrangements such as non-married couples and step-children, meaning your assets may not end up going where you intended.
It is a scary fact that only a third of adults who die in Britain are actually covered by a Will. The rest die leaving the government to look after the complex and often highly sensitive issue of how to share out their assets and look after those left behind.
You are never too young to make a Will. If there are people that you care about in your life, then making a Will is the only way to ensure that should you not be around, they are taken care of in the way that you would have wanted.
When you make a Will it ensures that your wishes regarding what happens to your possessions after you have gone are clearly and accurately laid out. It can stop family arguments, financial hardship and, if you do not have any immediate family, also ensures your assets go to the people or organisations of your choice. Decisions about appointing executors and guardians are also an important part of making your Will to make sure your estate is dealt with properly, and more importantly your children are cared for.
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5 Reasons to have a Will
1. Ensure your assets go to the people you intended.
2. Avoid the likelihood of family disputes on death.
3. Attempt to reduce the amount of Inheritance Tax payable on your estate when you die.
4. Increase the speed at which your estate is distributed in accordance with your wishes.
5. Protect everything you’ve ever worked for.
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Lifetime Wills and Trusts Limited trading as Lifetime Solicitors is authorised and regulated by the Solicitors Regulation Authority. SRA No: 627258 Lifetime Wills and Trusts Limited is a registered Company no: 9520203. Registered office Unit 3, Southview Business Centre, Tinwell Road, Stamford, PE9 2JL.