Why Write a Will?
Writing a Will or updating an existing Will is something that we all mean to do. Unfortunately, most people never get round to it. How do we know this? The vast majority of people dying in the UK do not have a valid Will. You have probably worked hard and been careful with your money, but you give up your right to have a say in where it will go after your demise if you have no valid Will. Without this, your estate will come under the Law of Intestacy, meaning that the State writes a Will for you and your possessions are distributed according to this law.
If you have a family - Would you want your spouse/partner or family to face unnecessary extra difficulties at a time of great distress? Unfortunately, many families do face immediate financial hardship, as existing liabilities may need to be paid until Grant of Probate has been received. In some cases the family home has to be sold simply because no Will had been written.
If you have children under the age of 16 - Would you want to have a say in who will be guardians? Writing a Will gives you the opportunity to choose guardians for your children, set up a trust fund for their future, appoint trustees and decide the rules of the trust.
If you have grandchildren - Do you wish to make provision for them in the event of the demise of your child, leave them a legacy to help them in the future or just make sure that they receive that special gift that you know they would treasure? Writing a Will enables you to do this as well as giving you the opportunity to set up a trust fund for their future, appoint trustees and have your say in the trust conditions.
If you live with your partner - Would you want to make sure that they can remain in your home and continue to enjoy the security that you have provided whilst you were alive? If so, write a Will.
If you have Divorced or Re-Married - Either of these events probably will mean that your current Will is invalid, so you may need to write a new Will. You may not wish your ex-partner to benefit in the event of your demise, so you need to protect your new family in the event of a claim from your ex-spouse or children. Re-writing your Will may take care of this situation.
If you have children from a previous relationship - Writing a Will is your opportunity to offer more financial security for their future.
If you have friends - Writing a will is your chance to reward and say thank you to your loyal friends showing how much you valued their help and friendship over the years.
If you have your own business - You and your employees have probably enjoyed a good living from your business over the years. Writing a Will gives you the chance to make provision for it to continue, to be sold or to collect outstanding debts. Failure to do this may mean that by the time your family gain control of your valuable business after probate, it no longer exists.