Helen Hill LL.B (Hons.) FCILEx TEP
Licensed Conveyancer and Probate Practitioner | Commissioner for Oaths | Chartered Legal Executive
Do I Need a Will?
You might believe that a Will is something that you can leave for the future but that is not true because nobody is able to predict the future and that is what makes a Will so important.
Have you ever considered just how important a Will is to the future of your family when you pass away?
Have you ever thought how difficult it would be for them to listen to a Will that was not truly created by you? They would have already gone through the heartache of losing a loved one but the months of despair that this can cause them could really set them back.
Another potential issue that you should consider is that your children may have to sell your home in order to realise your Will in order for them to find financial stability, but it could get even worse than that. If you should pass away and your children are orphaned, it could mean that Social Services will have an input into what will happen to them.
Your Will is your ability to make sure that you make a difference and help your loved ones when you pass away. Therefore, creating a Will enables you to leave them your estate as opposed to just some of it should you fail to write a Will.
During our lives we pay a lot of tax but why continue to pay more than you should after you die? If you fail to put a Will in place then this will happen because your family will end up paying more tax, which is money that they could have benefitted from.
It does not stop there because the Local Authority could legally have the right to sell your home and liquidate any assets that you may own in order to pay for your care, making the local authority one of the major beneficiaries to your estate – something that could be avoided if you put a Will in place that takes care of issues such as this when they arise. Delving into this further, your estate could also be used to payback any state-funded benefits that are received, ensuring that they then pass your money onto others who are not related to you.
To further enhance why you should put a Will in place, imagine if your estate that is paid to your children or grandchildren is then given to their ex-partner should they divorce or even worse, supports their new spouse? In fact, it can get worse because your bank could also charge an astronomical fee for dealing with your finances, all of which is easily avoidable.
These questions and thoughts should leave you concerned over what happens to your estate and more importantly to your family when you pass away. Your estate belongs to you and your family, With no Will in place, you face the potential of reducing what your family receives. You should consider writing a Will while you have the opportunity. This is one of the biggest decisions you ever make!