Making a Will won’t kill you! But what will happen if you don't?
Despite many people's fears, there is no statistical evidence that making a Will is likely to lead to you being knocked over by a bus as you leave your solicitor's office! Yet surprisingly only one in three adults in Britain has a Will!
Why should I make a Will?
A Will gives you choices. You may assume that everything you own at your death will go to your husband, wife or partner, or perhaps you think you have nothing to leave anyway. However, without a Will, the Intestacy Rules say who gets what and your property could pass to people whom you would not wish to benefit or with whom you may now have little or no contact. Your friends and favourite charities get nothing.
I don’t want to think about dying. I am far too superstitious to make a Will!
Stories like this are all too familiar. There is no statistical evidence that people who have made a Will are more likely to have an untimely death than those who do not!
But won’t everything go to my partner/spouse or children anyway?
No, not necessarily. This is a misconception we come across all too often, usually when it’s too late. A spouse has died without making a Will and we have to break the news at this stressful time to the surviving widow or widower that they have to share the estate (which can include the matrimonial home) with the children of the deceased who may often be children of a previous relationship. In some cases, if there are no children other relatives, such as brothers or sisters, can also share in the estate. These can be the consequences of dying intestate (i.e. without making a Will). In these cases, the Intestacy Rules (governed by law) dictate how a deceased person’s estate is to be distributed.
Well if I die I want it all to go to my wife and then my children so can’t I just write something out myself?
We do see homemade Wills and often those prepared by non-legally qualified ‘Wills Draftsmen’. Some are fine but the majority are not. There are strict rules governing both the contents of a Will and its execution. If these are not closely followed, the Will can be invalid which causes distress to relatives and extra costs in sorting out matters. Homemade Wills should always be treated with caution.
What other benefits are there with a Will?
- You can choose whom you wish to deal with sorting out the practicalities of administering your estate. They can be members of your family or a professional person such as a solicitor either acting alone or with your family. Sometimes people are keen to appoint an independent person or professional to act where certain members of a family do not get on with each other
- You can choose whom you wish to appoint as guardians of your children in the event of both parents dying.
- You may wish to leave specific items of a valuable or sentimental nature to specified relatives, friends, or godchildren. You may also wish to benefit charities and there can be tax advantages in doing this.
- You may wish to make special provision for a disabled or vulnerable child or relative who perhaps cannot manage his or her own affairs.
- You may wish to specify the age at which you would wish any children or grandchildren to inherit.
- You may need to protect the interests of a cohabiting partner who will not benefit under the Intestacy Rules. The Intestacy Rules only benefit married couples and same sex couples in a Civil Partnership.
- You may have Inheritance Tax issues which should be considered in the drafting of your Will or on which you may require separate advice. Inheritance Tax is no longer the preserve of the wealthy. Indeed many family homes in this area exceed the Nil Rate Band for Inheritance Tax purposes.
- You may need to consider the position if your proposed main beneficiary under your Will does not survive you or perhaps dies in an accident with you.
- You may have a business or a farm and need to make provision for the continuation of the business in your Will. You might want to ensure that your business interests pass to those you intend to benefit, such as a son or daughter who has come in to the business.
- You can provide for specific funeral arrangements. This is particularly important for some people who perhaps do not have any close relatives who may know their wishes.
But isn’t it far too expensive?
This need not be so. At Thomson & Bancks LLP, we charge a reasonable fee for a straightforward Will and usually a reduced fee for ‘mirror Will’” (such as husband and wife Wills drawn in the same terms). We store your Will and any Letters of Wishes and title deeds securely for free. Please just ask us - an enquiry costs nothing! We understand professional costs are a major concern for clients but we are flexible and transparent. In fact, the costs of making a valid Will are substantially less than any costs in sorting out a poorly drafted homemade Will or advising on cases where difficulties arise when there is no Will.
Why should I choose Thomson & Bancks LLP?
Our dedicated team of qualified experienced solicitors at both our Pershore and Tewkesbury offices deals with Wills Probate and issues relating to elderly people. If it’s not possible for you to visit our offices, we provide a home, hospital and nursing home visiting service.