Why is having a Will so important?
Having a Will in place ensures that an individual’s assets and wishes are honoured after their death, providing clarity and direction during an emotional time for surviving loved ones.
Why are Wills of even greater importance for parents of minor children?
By preparing a Will and naming beneficiaries and appointing guardians or trustees, a Will allows parents to ensure that their children receive appropriate care and financial security.
For example, the creation of a trust can help safeguard an inheritance for a child and ensure that funds are used for their benefit. This is particularly important if a child is likely to be unable to independently manage their own finances in future due to neurodiversity, brain injury or physical disability. A trust can be used to safeguard a vulnerable adult who is considered to be at risk of financial exploitation or unable to manage a large sum of money or navigate complex financial decisions.
A Will also enables parents to address specific living arrangements, education and other personal needs of their children to ensure that they continue to receive the support they need even after the death of a parent or guardian.
A Will ultimately gives a parent or guardian peace of mind that they have made suitable provision for their children.
What happens if I die without a Will in place?
In the event a person dies without having a Will in place the law in England and Wales provides that the person’s estate passes under the Intestacy Rules. The Intestacy Rules often do not align with a person’s own wishes particularly with the varying structures of modern-day families which are often unmarried couples or blended families. The Intestacy Rules can result in family members such as partners or step-children having to make a claim against the estate which is a lengthy, stressful and expensive process.
How can we help?
Making a Will is a simple process which Jefferies Solicitors can guide you through. We discuss options at the initial Will Instruction meeting prior to us drafting your Will so that you understand what options are available to you. We then send you your draft Will for you to approve (any amendments or afterthoughts can be included at this point) and once you are happy with your draft we arrange for you to come in and sign (we provide the witnesses) and ensure that your Will is legally binding and executed in accordance with the Wills Act 1837. We will then store your original Will for you, if you wish, provide you with a copy to keep at home and register your Will with The National Wills Register (formerly known as Certainty).
If you would like to discuss making a Will or estate planning contact our Wills and Probate Team directly on: 01702 443 484.
The contents of this article are for the purpose of general awareness only. They do not purport to constitute legal or professional advice. The law may have changed since this article was published. Readers should not act on the basis of the information included and should take appropriate professional advice upon their own particular circumstances.