Making a Will is very important, especially when you have anything of value whether that be monetary or sentimental as you will want to make sure that all of your belongings (otherwise known as assets) are passed on to the relevant people when the time comes.
If you don’t already have a Will, there are 5 things you must know:-
- Passing on without having a Will leaves all of your assets free to be taken by family which can often cause arguments. This is known as “dying intestate”. This means that making a Will is very important as it will let you specifically choose which of your assets go to individuals and/or organisations such as charities etc.
- You are allowed to revisit your Will at any time you choose. If you wish, any decision made in the Will can be modified to either include or remove factors that may have been set out previously.
- Without having a Will, the following people will not be able to inherit any of your assets:
- Unmarried Partners
- Lesbian or gay partners not in a civil partnership
- Relations by marriage
- Close friends
- Some assets that you may own and people are not aware of such as digital assets may go unclaimed. Things that may be of sentimental value and sit somewhere where friends and family are unsure of the location are often left alone and are lost, especially if close relatives aren’t notified of the assets before passing on.
- Creating a Will allows you to preserve assets such as money safely until a specified time. For example if you are leaving a sum of money for a child, you can specify that you want the money kept in a bank account until the child reaches the age of 18 years old. When the child reaches 18, the funds will be released from the bank account and the child will be eligible to claim and use the funds. You can also specify that you want the funds to be only used for a university fee etc. There are so many details you can delve into when deciding who gets assets and what they can do with them and a Solicitor would be more than happy to discuss with you precisely what you can do.
A large percentage of the UK die intestate and if they knew the 5 things above, they would most likely make a Will immediately.
If you would like to make a Will and make sure that all of your assets are dealt with according to your personal preferences, please contact us today on 01536 276300 or contact us here.