Writing A Will To Protect Your Family
Many of us spend our lives in a perpetual struggle of trying to make ends meet. We persevere and sometimes earn more than we need so that we can rest easy knowing that our loved ones are well taken care of when we are no longer around.
But wouldn’t the hard slog be a complete waste of time if the ones we hold so dear didn’t get the financial support when they needed it the most? It is a mistake many have made previously and failing to leave behind a legally binding Will can cause huge issues for your family at a later point.
Why It’s So Important To Write A Will
When a person passes away without leaving a Will behind, they are said to have died intestate. There is a set of intestacy rules that ultimately determine who will get what if you die without making a Will. In such cases, assets are distributed according to law and not the wishes of the deceased.
Now, you’d think that wouldn’t be a problem as the law should be fair. But it could have huge implications that you’re not even aware of – such as cohabitees getting nothing. That means that unmarried couples who have lived together for many years and perhaps had children will be affected, too.
Stieg Larsson, the author of the famous book The Girl with the Dragon Tattoo, passed away without writing a Will. As a result, his entire estate passed over to his father instead of his partner.
The list doesn’t end there… there are many famous individuals who died intestate, thereby leaving their loved ones squabbling over their estate after their death. It’s a mistake many make, regardless of wealth or social status.
According to a study conducted by unbiased.co.uk, close to 70 per cent of Briton’s who have not prepared Wills could be subjecting their loved ones to a similar fate.
How Writing A Will Can Protect Your Family
In England and Wales, if a married person with children dies intestate, all assets belonging to the deceased are transferred to their spouse. If the worth of the legacy is lower than £250,000, no part of the deceased person’s estate will be passed over to his or her children.
However, if the value of the assets in the deceased person’s estate is worth more than £250,000, the spouse is only entitled to the first £250,000 of the legacy.
Out of the remainder of the estate, the spouse is further entitled to receive life interest on half of the remainder amount. This portion of the estate cannot be sold away and therefore has to be retained by the surviving spouse.
After these assets have been allocated, whatever is left behind goes to the deceased persons children. If your estate is valued at less than £250,000 and you have not written a Will, your children stand to inherit nothing from your legacy.
What Can Be Accomplished By Writing A Will?
If you are in a civil relationship but are not married, your partner will not inherit anything from your estate under the rules of intestacy.
Additionally, if you have separated from your partner, but are not yet divorced, the law states that the first £250,000 of your estate will be passed over to your ex-partner.
So, if your wish is to pass over your estate to your current partner or children, it is important to specify this in a legally binding Will. You can ensure that your wishes are heard and it means your loved ones will get exactly what you intended them to.
How to Go About Writing Your Own Will
Nowadays, there are several options to choose from when it comes to drafting a Will. From cheap DIY Will Kits in supermarkets, to the more expensive options put together by solicitors, it is possible to find a solution that fits any budget.
It is always recommended that you consult the services of an experienced Will solicitor if the legalities surrounding the distribution of your estate are overly complex, such as if you have many beneficiaries or if your financial situation is complicated.
Opting for DIY Will kits in such scenarios can cause a lack of clarity and lead to errors, which could ultimately mean that your Will is deemed invalid.
There are many considerations that need to be taken into account when writing a Will and they will require validation from Wills and Probate. The process of writing a Will begins by first understanding how you wish to distribute your wealth.
The next step is writing it in an acceptable Will format, followed by the signing of your Will in the presence of two witnesses.
A Will writing solution that has gained a lot of popularity in recent times involves hiring the services of a professional Will writer online.
At Legacy Wills, we provide a free will template and have experienced Will & Estate Planning Consultants on board to guide you through the process of writing a Will and to also verify that the Will created is legally valid.
By writing a Will, you will not only be protecting your family from the possibility of facing legal hurdles, but you will also be ensuring that they are safe and financially secure when you are no longer able do so yourself.