If you have not made a will, you are not alone. It is not uncommon for people to put off thinking about what would happen should they die unexpectedly. Many people don’t think of a will until they are married or start a family, but there are good reasons to start the process sooner.
Even before marriage, many people live with a partner. In a marriage, a spouse has certain inheritance rights that are not provided to a live in partner, regardless of how long the couple has been together. If you don’t have a will, your partner may be entitled to nothing from your estate. Making a will protects the inheritance rights of your partner.
When there is no will, the deceased’s money, property, and possessions are distributed according to the rules of intestacy. This means that property is automatically inherited by specific family members. The rules are complex, depending on whether the person is married, has children, or other blood relatives.
The best way to have control over who will inherit your property is to make a will. If you are not married, you can name the people in your life who you want to inherit your money, property, and other possessions. This is the only way to ensure that the important people in your life who are not blood relatives will receive the inheritance you intend for them.
Do you own a business? A will is necessary to protect your business and the interests of a business partner. Your will can contain instructions about what will happen to the business and who should inherit your share of the business. The wills and probate solicitors at SCL Wills and Probate offer estate planning, will writing services, and help executors in applying for grant of probate.
When you meet with a solicitor for will writing services, your solicitor can advise you about your options and the factors you may want to consider when creating your will. Your will provides directions for your friends and family about how you want your money and property distributed after your death. You can also name guardians for any minor children and executors for your estate.
In addition to helping you make decisions about your money, business, property, and other valuable possessions, your solicitor can advise you of ways to save inheritance tax. This is very important for estates with substantial assets. Probate solicitors and lawyers can explain tax advantages of estate planning and steps you can take to reduce the inheritance tax that must be paid on your estate.
Although you may not have considered making a will in the past, there are good reasons to move forward with the process. Your will allows you to have control over what happens to the money and assets you have acquired over your lifetime and ensures that everything passes to those you want to inherit everything. Don’t leave it up to the rules of intestacy. Contact a solicitor today to get started.
What Does a Will Do?
A will is a document in which a person declares what she wants done with her property at the time of her death. A will has no effect until the person who wrote it, known as the testator, dies. The testator can also revoke a will at any time prior to her death.
If you die without a will, the state will distribute your property to your heirs according to the state’s intestacy statutes. The statutes might call for a distribution that is similar to what you want. Then again, maybe they won’t.
State intestacy laws will provide how the sum total of your property is to be divided among your heirs. It can’t provide for who will get certain specific items of your property. This can lead to many problems. Your heirs may not agree on who will get certain items of your personal property. For example, say you have inherited your grandmother’s wedding ring and intend to pass it on to your daughter. If you die without a will saying that is what you want, your son may feel very strongly that his wife should have it. So even if you don’t have a lot of assets, you may be concerned about making sure that certain items of your property go to the people that you want it to. You can do this with a will.