If you die without a Will then your estate will be distributed in accordance with the rules of intestacy, which is the term used for the set of rules that dictates who benefits from the distribution of the estate.
These rules will not change in accordance with your wishes, so your assets may not be distributed in a way that you agree with. The only way to ensure that your estate is distributed in a way that suits your wishes is to make a Will.
Will is a crucial area of your estate planning. You can designate who will receive your house, money, and other belongings. Once established, it shields your loved ones from needless anxiety, complications, and expenses when receiving their just inheritance.
What should you think about?
You might assume that all you need to specify in your will is who you want to leave your house, belongings, and investments to. If you have multiple beneficiaries, you must think about how your Estate will be divided and who will inherit those extremely sentimental items that hold a special place in your heart. However, there are other elements you should consider, such as:
- Selecting guardians for your children in the event that you die away before they turn 18
- Selecting the age at which your children or grandchildren inherit.
- Who would be a suitable Executor?
- Do you intend to leave bequests and/or donations to loved ones or charitable organisations?
- Both pre-planning and writing down your funeral preferences are options.
- Don't be afraid to express your preferences for organ donation.
These are just a few of the factors you should consider, and our professionals can help you make sure that nothing is left to chance and that everything is done just how you want.
If I don't have a will, what happens?
There are restrictions governing who will inherit your estate if you die without a will. The administration
of your estate may become more challenging and distressing for your family as a result. The rules are meant to be fair, but as they are based on antiquated laws from almost a century ago and a society that was very different at the time, they might not be suitable for you. For instance, even if you have lived together for a long time, the rules of intestacy do not allow for a partner if you are not married or in a civil partnership.
Everyone should have a legitimate Will as a result; this is especially true if you own property, are single, married, in a civil partnership, or have a long-term companion. It also applies if you want to leave anything to someone who is not a close family member and you have children or other dependents.
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