Making Your First Will | It May Seem Daunting But You Need One
Whether you are living on your own, married, or have children, creating your first Will might seem like a daunting experience. After all, nobody likes to think about death even though it comes to us all in the end. The idea of creating a Will might not really appeal to you but, the truth is, you need one because it protects your estate and your assets and it ensures that it takes care of your loved ones when you pass away.
Why You Should Make Your Will Before You Die
Dying without a Will is not something that you want to happen. Making a Will is simple but dying without one can cause a range of problems and difficulties both for your estate and for those you leave behind.
Creating a Will ensures that your estate is shared between the people you want it to go to and means that your loved ones can administer your estate knowing that they are following
your final wishes.
What Happens if You Die Without a Will?
Dying without a Will is known as intestacy or dying intestate. There is a difference in the law between the four countries of the UK but there are some common points to consider should die without a Will.
● Unmarried partners or those who are not in a civil partnership will not inherit the estate naturally from the deceased under an intestacy
● A husband or wife will inherit most or all of the estate which means that children from previously relationships will miss out. This also applies to instances where spouses are separated but not divorced at the time of death.
● For those who have children and do not have a Will, what they receive when you pass away will also depend on the country they live in.
● For those who pass away without a Will and have no close relatives, their estate will go to the crown under the law of Bona Vacantia.
● If you fail to leave a Will, it can mean that your estate could be hit with a higher rate of inheritance tax. All of which can be avoided if you make a Will.
The only way to ensure your estate is distributed as you want it to be is to document your wishes in a legally binding Will. Complete testamentary freedom applies in England and Wales meaning you have a right to leave your entire estate as you choose.