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 not simply a mundane list:
What age should your children inherit outright CONTROL of an inheritance?
Children can BENEFIT from an inheritance at any age, because a custodian or custodians (Trustees) are authorized 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 will inherit control is 18, when they may still be vulnerable to unwarranted third-party influences and temptations.
Do you wish to rely upon a spouse, WHO IS NOT THE BIOLOGICAL PARENT OF YOUR CHILDREN, to leave what they have inherited from you to your biological children in their Will after your 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, therefore potentially disinheriting your biological children from the value of your own estate.
You can use your Will to fully provide for such a 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.
Protecting your Estate Against Unwarranted Claims
Estranged spouses or children may be encouraged to contest your estate after your death if they are not provided for. 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.
As you can see, a Will is NOT merely a list and can prove to be very powerful both immediately after our death as well as many years later.
There are many other examples such as those above, so please visit our contact page for further assistance.