The Importance of a Will

Did you know that if you are single or divorced with a child under the age of 18, under the rules of intestacy your child would be the sole beneficiary of estate.

However, because they are a minor, they would be unable to deal with the administration of your estate so who would do it on their behalf?

The answer is that it would usually be the person who has parental responsibility for them, which could  mean your former spouse or partner would be entitled to delve around in your personal affairs.

More often than not, a split from a partner or spouse can be less than amicable and hence they are generally the last person anyone would want nosing into their bank statements and around their home.

Many people think their  parents would deal with it. Wrong. They would not have the authority to do so.

In addition to which, your former partner or spouse would have to appoint someone to act with them to hold your child’s inheritance on trust until the child reaches the age of 18. Your former partner or spouse can appoint whoever they wish, such as  their new partner or spouse. Would you really want them looking after your child’s money?

Many people under estimate the importance of making a Will.

The above is just one example of one situation which can arise as a result of not making a Will.

 Another is where you are cohabiting with another as a couple. If you die without leaving a Will, the rules of intestacy make no provision for a cohabitee and thus your partner, on your death, could suddenly find themselves homeless if they are living with you in your home. It can also cause problems where you own the property together because the property may not automatically pass to the surviving joint owner.

The only option your partner would have, would be to make a claim against your estate which would delay the administration of your estate, be costly and cause more upset at a time which is already difficult.

Furthermore, they could end up with less than what you would have wanted them to have.

A Will can deal with both of these scenarios and many more. A Will can also alleviate so much of the stress your loved ones would have to deal with if they were to find themselves in one of these situations.

 A Will offers you and your loved ones peace of mind that your wishes are going to be carried out by people you trust and your estate is going to exactly who you want it to go to rather than what the law dictates.

To discuss Wills further or to make an appointment to make a Will, please do not hesitate to contact Melanie Cotterill on 01752 292244