Why you should write a will?
According to the latest statistics, about 65% of people in the United Kingdom don’t have a will. Technically speaking, writing a will is intended for the adequate disposal of assets and properties as well as the payment of personal liabilities. Simply speaking, without a will, it is quite easy to leave your loved ones in a vulnerable position.
There are many people who wonder why they should create a will when the powers that be will determine who will get their money, real estate and belongings when they die anyway. There are also many people who think that writing a will is a process that takes a whole lot of time and money. However, once they learn more about the benefits that a will brings, the penny drops as to why writing a will is such an important thing to do.
An extraordinary amount of people never think about the consequences that their death will bring and this extends to celebrities too. Famous people such as Martin Luther King, Bob Marley, Kurt Cobain, Pablo Picasso and, more recently, Prince are all people who didn’t leave a will, causing issues for their families and a lot of heartache for their loved ones.
In this blog we will explore the benefits of having a will and why it should be a primary consideration.
Benefits of having a will
- Lowering the chances of disagreements once you are gone
When you have a will, the chances of family disagreements and misunderstandings are reduced significantly. There is nothing worse than grief replaced by anger and this is exactly what happens in many cases when people die without having a will. One example of a situation like this is the death of the aforementioned singer Prince who died without writing a will. This has caused confusion among his siblings (six of them) and now the matter is going through the courts to determine how is estate will be split. All of this could have been avoided with a simple will being in place.
- Knowing exactly who will get the assets you have
Without a will, the assets and properties are divided equally between your heirs whether you wanted that to happen or not. On the other hand, with a will, you can rest assured that every person you have selected receives what you believe is appropriate.
- Keeping your assets safe
A will can reduce the impact of residential care fees and Inheritance tax upon the overall value of your property.
- Taking care of your children
If you have young children, you can use a will to appoint guardians for them, ensuring that their well-being will be taken care of after you’ve gone.
- Arranging your funeral
Many people use their wills to specify certain desires for their funeral so that their family know precisely the kind of ceremony they wanted.
What happens if I don’t leave a will?
It doesn’t really matter how big or small your property and assets are; it is extremely important to have a will if you want your beneficiaries to receive what they deserve. What happens if you die without a will depends on your marital status and largely whether you have children or not. Did you know that:
– If you are single and have two children, they will have equal shares of your property.
– If you are single, you have no children and your parents are alive, they will inherit your property and assets.
– If you are married with no children your spouse will inherit everything.
– If you are married and you have children then your spouse will inherit half of the assets and property and the rest is divided between the children.
The laws surrounding how your estate will be divided is further complicated if you have been divorced and have children from a former marriage.
In light of the above, having a will written by a reputable will writing solicitor will help you make things less complicated for your family and loved ones once you are gone. If you don’t have a will and would like to discuss your circumstances in confidence, please contact us now.
At HS Lawyers we have dedicated team of specialists who can guide you on information and processes related to Wills, Trusts and Probate or even if you require what to do in event of a death please contact us on 0121 525 255 and we would be pleased to offer you a completely no obligation enquiry. You can also visit our offices to get expert advice on wills from a solicitor based in Birmingham, Wolverhampton or Peterborough.