Why Create a Will?
As an adult over 18, having a Will empowers you to decide the fate of your possessions and finances according to your wishes. Your Will ensures that items of sentimental value, shares in businesses, or your home are distributed as per your intentions. Failing to create a Will invokes the rules of intestacy, potentially leaving your intended beneficiaries with nothing.
Changes in Intestacy Rules
The Inheritance and Trustees’ Powers Act of 2014 brought about crucial alterations to intestacy rules. For instance:
- Spousal/Civil Partner Benefit: Surviving spouses or civil partners now have revised entitlements, receiving the entire estate if there are no children or half if there are.
- Enhancements for Children: Provisions ensure that children, even if adopted post-parent's demise, retain their claim to inheritance.
- Amendments for Illegitimate Children: The act also includes adjustments relevant to inheritance for illegitimate children.
Cohabiting Partners and Unmarried Individuals
Under intestacy laws, cohabiting partners receive nothing from your personal estate. It's imperative, more than ever, to establish a valid Will to ensure your wishes are respected without enduring lengthy and costly legal processes.
Specific Scenarios
- Jointly Owned Property: Unmarried partners without a Civil Partnership Agreement have no automatic rights over each other's estate. A Will is crucial to safeguard each other's interests.
- Business Interests: Wills should reflect the desires of individuals with business partnerships to ensure a seamless transition in ownership.
Reasons to keep your will updated
There are many reasons to make sure your will is up to date.
- During Divorce Proceedings: Initiating a Will during divorce proceedings safeguards your possessions. The rules of intestacy may still consider your spouse entitled until you have a Decree Absolute.
- Post-Divorce: After a divorce, it's vital to revise your Will to guarantee the rightful beneficiaries inherit your assets.
- If you have recently had a child and want to make sure they are provided for
- If you have moved to a different property or invested in additional properties
Registering Your Will
We offer complimentary registration with Certainty, preventing the distress and financial loss caused by misplaced or forgotten Wills. This registration ensures its traceability and guards against potential disputes or overlooked provisions.
The Importance of Locating Your Will
Failure to locate your Will can lead to:
- Beneficiaries not receiving their inheritance.
- Disputes and old Wills potentially surfacing.
- Unintended distribution of assets under intestacy rules.
- Disregarding your chosen provisions for children and dependents.
If you would like further details on making your will, please contact us on 01424 426287 to speak to one of our specialists.
