Surveys consistently show that only four out of ten people in the UK have made a will, despite the problems and heartache that could cause for their loved ones. Even the Covid pandemic didn’t significantly increase the number of wills being drawn up.
Importance of Making a Will
Making a will is the only way to ensure that your estate is passed on according to your wishes after your death. A will is a legal document outlining your desires for the distribution of your estate, including property, finances, and personal belongings. It allows you to make provisions for your family and support causes you care about, designate guardians for minor children, establish trusts, and make specific bequests.
Consequences of Dying Intestate
If you die without a will, your estate will be distributed according to the rules of intestacy set out in English law. This predetermined order of priority may not align with your personal wishes or the needs of your loved ones. For example, a separated but not divorced partner could claim a large share of your estate, potentially overshadowing the claims of a current partner.
Potential Problems and Disputes
Without a will, disputes and disagreements may arise among family members, leading to costly legal battles and strained relationships. Intestacy rules also do not account for the needs of unmarried partners, stepchildren, or close friends you may have wanted to include in your estate. Creating a will provides clarity and reduces the stress and uncertainty for your loved ones during a difficult time.
Benefits of Making a Will
Drawing up a will with the help of your solicitor doesn’t take long but provides peace of mind knowing that your estate will be distributed according to your wishes and that the people you care about will be provided for.