Whilst none of us can predict the future, we can make sure our wishes are carried out after our deaths and thereby help to relieve family stress at a time of bereavement.
Having a will not only means that you can choose who gets what, but avoids the problems that can arise by not having one. If you don’t have a will, there are strict rules that say who gets what and those rules may produce a result that you might not expect or want. Those rules say that everything you own must pass to your next of kin and although this would include your spouse, children and other close blood relatives it would not, for example, include a lifetime companion to whom you are not married. Even if you are survived by a spouse he/she may not, dependent on the value of your estate and the identity of other surviving family members, end up with everything. In fact, your spouse may have to share it with other family members. If you leave no sufficiently close relatives, everything will go to the Crown and I have yet to meet anyone who has been happy about that!
Another problem of not having a will is that there are also strict rules that say who is allowed to deal with your assets after your death and, again these may be people you wouldn’t choose yourself.
Having a will means you can decide exactly who should benefit from your estate and include gifts to charities, friends or other family members who would not otherwise benefit.It also means you can save your beneficiaries from paying unnecessary tax; choose the people you would want to look after young children (if you have any) and set out any wishes you may have about your funeral.
If you haven’t already made a will, my advice is to spend a little time thinking about your wishes and then to see a solicitor so that those wishes can be drawn up as a valid will.
Article produced - April 2008
For more information on finding a solicitor to make or update your Will, please go to our Local Solicitors page.
