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This article was published on January 29th, 2020
Do you know how and why you should create a will? A recent study has shown that 54 per cent of adults in the UK don’t have a will, whilst approximately 5.4 million people don’t know how to make one.
In this blog post, our Wills, Trust and Probate team share their top 6 reasons for writing a will.
If you create a will, you will help alleviate undue stress and legal issues that you may cause your family if a will hasn’t been created.
When you pass away, the last thing your family or friends will want is to handle complicated legal matters relating to your property and possessions.
By naming your executor you can also ensure that you will have someone you know and trust to take care of any matters relating to your will in the event of your death. Likewise, your executor will also be aware of their role, reducing confusion for the rest of your friends and family.
By working with a solicitor such as the expert legal team here at Thorneycroft Solicitors, we can ensure your will is fit for purpose and that your wishes will be respected.
When you create a will you will be able to decide who you want to inherit all of your property and possessions, and you will also be able to allocate certain possessions, money and/or property to individual beneficiaries.
Again, this helps reduce any confusion or debate among family members as to who inherits what, and the executor will have clear guidelines to follow when they execute your will.
Failing to create a will means you ‘die intestate’ and as a result, the rules of intestacy will decide what happens to your property, possessions and money, taking control away from you and your family. If you have children, then depending on the extent of your property, your spouse will not automatically receive all of your estate, which in many cases is not what most people want.
If you are a parent with children under the age of 18, then creating a will, will not only ensure your children inherit what you want them to at a specified age, but that they are also cared for by a legal guardian of your choosing in the event of your death.
Failing to specify who you want to be appointed as guardian for your children could result in the Courts deciding who should care for your children when you are gone.
A common myth is that unmarried cohabiting couples have the same rights as married couples/civil partners but this is not the case.
Under intestacy rules, a surviving partner will not automatically inherit any property, possessions or money should their partner pass away even if they have been in a relationship for many years.
By creating a will this scenario can be avoided as well as possible unpleasant court battles, and you can decide exactly what you want your partner to inherit.
As well as leaving an inheritance for particular members of your family or friends, you may also use a Will to make a donation to a charitable organisation you care about in order to support the work they do after you have gone.
In addition, depending on how much you leave to charities, this can also help reduce any inheritance tax payable by your estate.
The Thorneycroft Solicitors wills, trust and probate team is lead by a member of STEP (Society of Trust and Estate Practitioners) who has over 20 years experience in drafting wills.
Our legal professionals will work with each of their clients to ensure their wills are legally binding and that their wishes are respected after they are gone.
We take an empathetic and understanding approach while assisting you during the creation of your will as we recognise it can be a deeply emotional task.
If you would like to discuss your will, whether it be creating one or amending one, you can contact our team for free today by calling 0800 1979 345 or you can complete our online enquiry form by clicking here and a member of our team will get in touch at a time that is more suitable for you.