A Will allows you to decide what happens to your estate when you die. If you do not have a Will, your assets will be distributed according to the laws of intestacy, and this may not align with your wishes. If you create a Will, you will have control over who receives your money, property, personal belongings, and other assets.
More than two fifths (44%) of homeowners do not have a Will in place (National Will Register, 2023). Often the reason people give for not having a Will in place is that they perceive they have nothing valuable, however a property is an important asset.
A Will allows you to appoint a person you trust to be an executor. They are responsible for managing your assets and ensuring your wishes are carried out. The executor will handle all the administrative tasks involved in dealing with your estate involving obtaining the Grant of Probate where required, collecting your assets, paying debts, finalising tax affairs and distributing your assets according to the Will. Being an executor is a lot of responsibility and making a Will allows you to appoint someone who you trust.
If you have children under the age of 18, a Will enables you to choose a guardian. If you were to die without a Will and there is a dispute between family members as to who the children should reside with, the court may be left decide who will be responsible for the upbringing of your children. This may not align with your preferences and is therefore important to include in your Will.
Creating a clear and legally valid Will can help minimise potential disputes and conflicts with family members after your death. In a Will, your wishes are explicitly outlined and will therefore reduce the likelihood of disagreements regarding asset distribution.
When a Will is well-drafted, the probate process can be made a lot simpler for your loved ones. Clear and precise instructions can expedite the distribution of assets and can potentially reduce time and stress that can come with probate.
Within your Will, you can instruct how you want your funeral to be carried out. Even though the instructions aren’t legal binding, it will give guidance to your executors. For example, you can say where you want your service to be or if you want to be cremated or buried. Doing this will lessen the burden on your loved ones and your wishes can be carried out.
For all these reasons it is important to make a Will to ensure your wishes are adhered to. It is also important to consult with a solicitor before creating a Will to ensure it complies with the law and covers all your wishes. Here at Stephensons we have solicitors with a wealth of knowledge in Will drafting so call us today on 0161 696 6238 or complete our online enquiry form and a member of our Wills and probate team will contact you to discuss your requirements.
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