To help convince those who are delaying or even having doubts about writing a will, we’ve listed 10 very good reasons why you should.
1. Firstly and most importantly, a will puts you in control. You decide who will inherit from your estate and what they are entitled to. You also decide who will administer your affairs after your death.
2. If you don’t make a will, the intestacy rules will decide who benefits from your estate and that can produce undesirable results. The law also sets a hierarchy of who is able to handle your financial affairs after death, and that can lead to problems if the person is not suitable because of age, health, geographical location, or for any other reason.
3. When you make a will through a suitably qualified Estate Planner/Will Writer, the chance of a problem or dispute arising after your death is reduced. Disputes arise more often when someone dies without a will, as certain people are entitled to apply to court to challenge the provision made by the intestacy rules, if they deem it unfair. For example, a long standing unmarried partner would receive nothing under the intestacy rules, so may have to consider making an application to a court to be awarded a share of the estate. There is huge stress and expense attached to such claims.
4. Whilst a will can also sometimes be challenged on the basis that it is unfair, the courts are generally more reluctant to interfere in the provision made by a will than that provided for by the intestacy rules.
5. It is often quicker, cheaper, and less stressful to administer an estate where there is a will. If you die without a will, it may be necessary for your estate to commission genealogical research to identify any lost or unknown relatives. That can be very expensive and time consuming.
6. A will also enables you to preserve assets for beneficiaries. For example, if you have property and/or business interests, you may want those to go to certain people, whilst leaving further assets to others. The intestacy rules provide for a division of your whole estate, so, if more than one person is due a share, can necessitate the sale of assets. This can cause problems and uncertainty for your staff if you have a business, and property may need to be sold despite it being the home of a particular beneficiary or other dependant.
7. A will can be used to ensure you make provision for those that need it, whilst protecting assets for other beneficiaries. For example, married couples can very easily set their wills up to protect a share of their home from being used to pay for care fees. This will give them the comfort of knowing the property is available for the survivor to live in for as long as it’s required. Equally, for couples who each have children from previous relationships, a trust can be used to ring fence a part of the estate for those children. Otherwise, the intestacy rules may result in all the marital assets being passed down to the surviving spouse, with the children of the first spouse getting nothing. This, in effect, produces a lottery, with the prize going to the children of the second spouse to die.
8. A properly drafted trust in your will could enable someone to manage the inheritance you leave to a disabled or vulnerable person, and may ensure the intended beneficiary does not lose his/her means tested benefits.
9. If you die without a will and a share of your estate is left to a vulnerable or disabled beneficiary, the person handling your estate may need to insist on someone applying to be their court-appointed deputy before paying out their share, a process that is both expensive and time consuming. This is because people who lack capacity are unable to give a valid receipt for their share of an estate.
10. You can nominate someone to act as a guardian for your children (if you die while your children are minors) and you can also record your funeral wishes in your will. These are things that people do not commonly discuss within a family, so formally expressing your views in a will can provide very helpful and practical guidance for those you leave behind.
Golden Words From Our Clients
I would like to say a big thank you to Future Wills, after a difficult time I wanted to make a will and take life insurance to protect my 4-year-old son, your consultant was professional, friendly and patient with me start to finish.
My husband was in hospital for several months due to a sudden illness, he had majority of the income going into this account as he would usually ring up and pay the bills or transfer the money across to me. Luckily, Future Wills advised me to have this document in place, I was able to access his bank and make sure all bills were paid on time. One less problem to have at such a difficult time.
After years of having go visit my father daily, we decided it was best we move him into a care home, he struggled to manage his bills and couldn’t quite understand the process of what was going on. The fact we have both types of Lasting Power of Attorney enabled us to choose the right home to look after him and we were able sort out his pensions, savings and property in order to fund for his care.
My partner sadly had an accident and lost his mental capacity, the fact I was his attorney allowed me to re mortgage our home and sell the property in order to purchase a house to suit his mobility better. I would not have been able to do this without Lasting Power of Attorney in place.
I was recommended to set up Lasting Power of Attorney for me and my Wife, I would like to say thank you for the advice. The reason I wish to thank Future Wills, should I ask my wife to prepare such document now, I believe she would not quite understand what is going on. However, this has been taken care of as we set them up whilst we were both happy and willing to prepare for the future.
I was under the impression a Lasting Power of Attorney was mainly for people who has lost mental capacity. However, with my arthritis being so bad or not wanting to leave the house on some days. My attorneys can step in and help me with my tasks such as picking up my prescription for me, going to the bank and other physical tasks I struggle with now.
I had a Will written over 4 years ago, I saw your new client offer and thought I would take advantage and update mine. I was made to understand why my Will is so important and learnt so much information I didn’t know before. I have recommended Future Wills to all my friends & family.
We saw a Will Writer a long time ago and made Mirror Wills, we decided to see Future Wills to review our current Wills, after a great meeting we decided Mirror Wills wasn’t the suitable option for us and made Protective Property Trust Wills many thanks to Future Wills and their team.
I was very nervous about making my Will, it was something I put off for many years. However from the first phone call to returning my Will I was made to feel welcome and the service was very professional.
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