Why do I need a Will you may ask, well apart from the widely accepted consequence that a person or people may not inherit from you if you do not have a legally valid Will, let us also look at some less obvious reasons as to why having a VALID Will is so important.
Are you Estranged from your Spouse or any of your Children?
If so, without a Will then all your personal belongings (INCLUDING VEHICLES) pass automatically to your spouse, PLUS the first £270,000 value of your assets. Value above this amount is distributed as half for your spouse and the other half is shared equally between your biological children.
If you have no spouse, then your estate is shared equally between ALL your biological children.
If this is not your intention, or if you own property as joint tenants with someone from whom you are estranged, not having a VALID Will could prove to be disastrous.
Are you Happy for your Minor Children to Gain Full Control of the Full Amount they Inherit from you when they Attain age 18?
Although minor children can benefit from an inheritance at any age via the custodians of your estate, many people consider age 18 to be too young for a beneficiary to have outright control of their inheritance. There would be nothing stopping them from quickly losing or giving away their inheritance, then bitterly regretting it as they grow older.
Without a Will, your beneficiaries automatically inherit full control of their inheritance at age 18.
Who will act as Guardian(s) to your Minor Children if Neither Parent is Able?
It is not uncommon for disputes to arise between both sets of grandparents if guardians have not been officially appointed in a legally valid Will.
Have you ever changed your name by deed poll, or do you own assets in another name?
Without a Will, this can cause problems for the default representative(s) of your estate. If they are unaware of such a name change or alternative name, your estate could incur additional fees in them having to apply more than once for permission to share out your estate, due to you having more than one name.
A Will would avoid this risk.
The above questions merely scratch the surface of the many different reasons to have a legally VALID Will. For further details please visit our Wills or Contact pages.
TRF Wills (TRF) was created by Michael Cotterill in 2005. He is a member of the Society of Will Writers and registered with the Information Commissioner’s Office.