A Modern Will is Far More than Just a List

A modern Will is NOT simply a list of who does what, and who receives what after we die. If that were the case, then there would be little need for solicitors and professional Will Writers because people would merely prepare such a list at their own convenience.

Here are a few examples of potential issues which demonstrate why a modern Will is far more than just a simple list:

At what Age should your Children Inherit outright CONTROL of an Inheritance Due to them?

Children can BENEFIT from an inheritance at any age, because a custodian or custodians (Trustees) are authorised to provide for their benefit until they are old enough and responsible enough to control their own finances. However, would you wish for an 18-year-old to gain immediate control of potentially a large sum of money?

A Will enables you to stipulate an older age (usually between ages 18 & 25) before a beneficiary inherits outright CONTROL. Without a Will, the default age that a beneficiary inherits control is 18, when they may still be vulnerable to unwarranted third-party influences and temptations.

Do you Wish to Solely Rely upon your Spouse, WHO IS NOT THE BIOLOGICAL PARENT OF YOUR CHILDREN, to Leave to your Biological Children in their Will after their Death, that which they have Initially Inherited Directly from you?

This is a risky strategy as such a spouse could potentially favour their own biological children, or become vulnerable to third-party influence after your death, thus potentially disinheriting your own biological children from the value of your own estate.

You can use your Will to fully provide for your spouse during their remaining lifetime after your death, then GUARANTEE that the remaining value of your estate passes to YOUR biological children after your spouse’s subsequent death.

What if my Estranged Spouse or Child Contests my Will?

Estranged spouses or children may be encouraged to contest your estate after your death if you have not provided for them. If your Will does not contain an appropriate clause, accompanied by supporting documentation, to minimise the potential for such a claim to succeed, then there is a far higher likelihood that such a claim against your estate will be successful. This would mean that your desired beneficiaries shall receive less of your estate as a result.

Intended Future Marriage

If you wish to create a Will, but intend to marry in the foreseeable future, then unless your intended marriage is categorically referenced in your Will, your future marriage shall automatically revoke your Will by law at that point. Therefore, you MUST include the appropriate wording in your Will to ensure that your future intended marriage does NOT automatically revoke your Will. Otherwise, you may believe that you are providing for your children in your Will; however, as soon as you marry, you no longer have a valid Will and your new spouse shall inherit most, if not all, of your estate by law instead.

Summary

As you can see, a modern Will is NOT merely a list and can prove to be a very useful and powerful protective document, both immediately after our death as well as many years later.

There are many other examples such as those above which may not feature in your existing Will, so please visit our Wills page for further assistance, WITHOUT fear of consultation fees nor obligation.