Prioritise Your Will with Gilbert StephensJanuary 12, 2018
Photo courtesy of Nora Parminter, Crediton Courier
It is understandable that for many, making a Will is not a priority. For obvious reasons, it is easy to delay making an official Will. However, without a Will your estate will be distributed in accordance with the intestacy rules which divide your estate along your family line.
Having a Will is arguably one of the most important things you can do for yourself and your family, and can reduce the amount of stress placed on your family members once you are gone. Writing a Will is especially important if you have children or other family who depend on you financially, or if you wish to leave something to people outside your immediate family. Not only can a Will legally protect your spouse, children and assets, it can also spell out exactly how you would like things handled after you have passed on.
Many people believe that under the intestacy rules their entire estate will pass to their spouse or civil partner, but this isn’t necessarily the case.If you have an estate worth more than £250,000 then part of your estate will pass to your children or possibly even further down the family line. This may make things more difficult for those you leave behind and may not reflect your wishes.
It is also important to note that co-habitees have no automatic right to receive anything from their partner’s estate – even if they have children. Without a valid Will, any wishes that you have expressed before your death will not be taken into consideration. As the intestacy rules focus on your family, no provisions will be made for friends, charities or even a long-term partner. A Will is the best way to protect your loved ones and ensure that your wishes are carried out after you have gone.
When you visit Gilbert Stephens to discuss your Will they will also be able to provide you with estate planning and tax advice. If you want to ensure that any instructions are carried out in accordance with your wishes once you are gone, please ensure making a Will is a priority for you.