Belinda Thomasson is a Solicitor and Director of the firm and specialises in residential property, Wills and estate handling. She discusses why having a Will is so important.
It is easy to put making a Will off for another day. Life is busy, it can feel like a difficult subject to think about and many people assume that their family will simply know what they would have wanted. Whether that relates to their finances, their property, or even who they want to care for their pets when they pass.
The truth is that a Will is one of the most important documents you can put in place. It gives you a say over what happens to your estate, helps reduce uncertainty for those closest to you and can make an already difficult time a little easier for your loved ones.
We are proud to once again be taking part in the Free Wills Month scheme. It is a chance to put your affairs in order while supporting a charity that provides invaluable care to others.
If you die without a valid Will, you are said to have died intestate. Your estate will then be dealt with under the rules of intestacy. These are fixed legal rules; they do not take account of your personal wishes, your family circumstances or the relationships that matter most to you. It is also worth noting that the rules of intestacy were introduced in 1925, so naturally, they may not be a reflection of the modern family.
That can lead to outcomes people would not have chosen. For example:
- An unmarried partner does not automatically inherit, however long you have been together.
- Stepchildren do not automatically inherit from a stepparent.
- Someone you would have wished to benefit may receive nothing.
Making a Will means that you decide who should receive your money, property and possessions, rather than leaving those decisions to the law.
For parents, one of the most important reasons to make a Will is the opportunity to appoint guardians for children under 18. While the court will always make decisions based on a child’s welfare, setting out your wishes can provide important guidance and reassurance.
A Will can also help you provide for a partner, children, vulnerable relatives or anyone else who relies on you. It can be tailored to your particular circumstances, rather than following a one-size-fits-all set of rules.
When someone dies, their loved ones are already dealing with grief. Clear instructions in a professionally prepared Will can make the administration of the estate more straightforward and reduce the scope for confusion, disagreement and delay.
Even if you already have a Will, it is worth reviewing it regularly. A Will that was right several years ago may no longer reflect your life today.
You should consider updating it after a major change, such as:
- buying or selling a property;
- getting married, entering a civil partnership, separating or divorcing;
- having children or grandchildren;
- a change in your financial position; or
- the death of an executor or beneficiary.
Whilst it is not a conversation any of us wishes to have, avoiding the subject does not make it go away. Make the most of Free Wills Month this October and tick it off your to do list.
Belinda Thomasson is a Solicitor and Director at the firm. For more information please contact her on 01706 525053 or email her at : Belinda.thomasson@lancslaw.co.uk
