A Will is NOT Simply a List

A 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 Will is far more than just a mundane list:

What Age Should your Children Inherit Outright CONTROL of their Inheritance?

Children can BENEFIT from their 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 control of potentially hundreds of thousands of pounds?

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 outright control is 18, when they may still be vulnerable to unwarranted third-party influences and temptations.

Do you Wish to Rely upon your Spouse, WHO IS NOT THE BIOLOGICAL PARENT OF YOUR CHILDREN, to Leave what they have Inherited Directly from you to YOUR Biological Children in THEIR Will after THEIR death?

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 biological children from the value of your own estate.

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

Estranged Spouses and Children

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 to minimise the potential for such a claim to succeed, there is a far higher likelihood that such a claim against your estate will be successful. This would mean that your intended 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, unless your intended marriage is categorically referenced in your Will, then your future marriage automatically revokes your Will by law. Therefore, you MUST include the appropriate wording in your Will to ensure that your future 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 have no valid Will and your new spouse shall inherit most, if not all, of your estate by law instead.

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

There are many other examples such as those above, so please visit our Wills page for further assistance.