We all plan for our future. Whether it is saving to buy our first home, climbing the career ladder or choosing a pension plan. Planning is key and our choices are what are important. Surprisingly, while we are making plans for tomorrow, 70% of people living in this country do not make a Will.
We do not like to think about dying but the truth is, none of us know what is round the corner. A common misconception is that Wills are something to think about when we are approaching retirement or when we own large estates. However, anybody who is over the age of 18 can make a Will – and should!
In 2013, we see more and more couples cohabiting and first time buyers purchasing properties in unequal shares. A cohabitee is not automatically entitled to a share of your estate and depending on how you own your property, does not automatically inherit your share of your home. Not making your wishes known could result in a situation where your next of kin co-owns your home with your partner, something which many of us would wish to avoid.
Wills are not limited to property and finances; they also enable you to make arrangements for your children. Parents often think that Godparents become responsible for their children in the event of their deaths. This simply isn’t true. Appointing a Guardian in your Will is an important way that you can ensure your children are looked after by the people you want.
Making a Will gives you a choice. You choose who deals with your affairs, who benefits from your estate, who looks after your children. People who die without a Will die ‘intestate’ and their estates – no matter how large or small - are distributed in accordance with the Rules of Intestacy. These rules distribute a person’s estate to their next of kin in a fixed order.
There is no room for manoeuvre. If somebody wishes to dispute the way your estate will be distributed they will need to formally contest your estate, which can be a costly and lengthy process. By making your wishes clear from the start you can ensure that expensive court proceedings are avoided.
Ultimately, the choice is yours and if you want your wishes to be followed, you need to make them known. Making a Will does not have to be complicated.
By Lauren Evans
Stephensons offers a wide range of services to ensure that it is made in a way which suits you.