With Christmas over, it’s that time of year when we begin to make our New Year’s resolutions. Making a Will never seems to be at the forefront of people’s minds and without a doubt, this is one of the most important resolutions you could make for 2023. It’s an essential way to protect your and your family’s future.
The most recent Probate Research Report by IRN Wills titled UK Wills & Probate Market 2020: Consumer Research Report, has found that fewer than 4 in 10 adults in the UK have made a Will. Meaning over half of the UK population will die intestate.
Kristina Dunne, Senior Associate in the Wills, Trusts, and Probate team outlines some of the top reasons for making a Will.
1. It allows you to choose how your estate will be distributed
This is the most important reason to make sure you have a Will and why most of our clients come to see us. If you fail to make a Will your estate will be distributed according to the rules of intestacy.
2. It allows you to appoint the guardian(s) of a minor
Within your Will you can appoint a guardian or guardians for your children who are aged below 18, or who are adults but unable to manage their own affairs. It’s often very tricky to think about but you will want to make sure your children are cared for in the event of your death.
3. It gives protection to your partner if you are not married
The law does not recognise ‘common law’ marriage. This means if you are not married and you die without leaving a Will, your partner will not receive anything.
Estate administration is the process of handling all the deceased person’s legal and tax affairs after they’ve died. In short, this means dealing with their assets, debts, and taxes before distributing their inheritance to the beneficiaries.
4. It allows you to appoint an executor
When you make a Will, you can decide who you would like to carry out the administration of your estate after you die. This can be a difficult task and it is important that those who are called upon to be an executor are both willing and capable.
If you feel there isn’t anyone who could take on this role for you, you can appoint a professional executor to act on your behalf.
5. It provides peace of mind for you and your family
When all is said and done, a Will provides peace of mind for all of those involved. Your estate will be secure, and your beneficiaries will be protected. It’s also a great way to make sure your final wishes are carried out without the need for any disputes or second-guessing by loved ones who will miss you.
Get in touch with Blaser Mills Law
If you’re ready to make a Will or would like to review your current Will, contact Carol Dalziel on 01494 781362 or email at cad@blasermills.co.uk and she will be happy to arrange an appointment for you to meet Kristina.