Did you know that 53% of the UK population do not have a Will? This means that millions of people in the UK are putting their assets at risk by putting their Estate in the hands of the Law. When someone dies without a Will in place, the rules of intestacy apply. This is a strict set of rules in which the Court will abide by to determine who should inherit your Estate, such as immediate family. It is important to be aware that under the rules of intestacy, only married or civil partners and a limited number of other close relatives will inherit from your Estate. If no loved ones are identified within this criteria, your Estate would go to the reigning monarch.
It is possible that people choose not to make a Will due to a number of contributing factors such as:
- Believing that their family can simply divide their Estate as per their unwritten wishes.
- Feeling like they are too young or healthy to need a Will.
- Thinking that they do not own enough assets.
- Thinking that making a Will is too time consuming or complicated.
The reality is, however, that everyone aged 18 and over should make a Will, regardless of health or their value of assets.
There are many benefits to making a Will, in fact, your Will is said to be one of the most important documents throughout your lifetime for both yourself and your family. Making a Will and keeping it up to date is the only way to ensure your chosen family members, loved ones, friends and charities benefit exactly as you want them to. Creating a Will not only manages the distribution of your Estate but also puts a variety of other aspects in to place. Aside from naming Beneficiaries within your Will, you can also name Guardians for your children, set up a Trust(s) to protect any inheritance you are giving out and name Executors who will manage your affairs after your death. At Hodgkinsons our Solicitors will ensure you have addressed every detail so that you get complete peace of mind knowing your affairs are in safe hands.
Unfortunately, life circumstances can change at any point, so having a Will in place will ensure that family members do not feel additional stress during an already emotional time. Our Wills and Probate Solicitors understand that throughout any point of your life, making a Will can seem daunting, which is why Hodgkinsons Solicitors offer a supportive and friendly service with straightforward and clear guidance through every step of the process. When you have a Will, it is important to keep it updated so that it reflects your current situation. We recommend that you review your Will every five years. If you would like to discuss making or amending your Will, contact our specialist Solicitors by calling 01754 897150, visit our offices to book an appointment or submit an online form.