If you die without having a valid Will, then your assets will be distributed according to the laws of intestacy and could mean that your assets may not go to the people you want them to. Having a written Will is the only way to guarantee that those who benefit from your estate are those that you choose.
Many people will avoid making a Will for a number of reasons however here, we wanted to address some of the common excuses people will make.
My Family Know What I Want and They Will Deal With It
Without a valid Will, your family may not have the power to make these important decisions. They will be required to adhere to what the Law says about things such as who will administer your estate, who will get your assets, when they will get those assets and who will have authority to look after your children.
My Family Will Never Argue About My Money or Estate
While this may be something that you believe, unfortunately it is not always the case. Grief and money can be a bad combination and can result in all sorts of strong emotions. By having a Will and clearly defining your wishes, there is a lesser chance of these disputes occurring.
I Made a Will Years Ago
A Will is a not a once in a lifetime document and there is a common misconception that once a Will is made, it is indefinite. As your life changes, so should your Will. These changes could include that your children are now adults, or that you have grandchildren now or maybe someone you had included in your Will is now deceased. Any time something in your life changes, you should be considering reviewing and amending your Will.
If you are looking at getting married, you must also be aware that once married, any previous Will you made, can be automatically revoked. For further information, please see our article “I am getting married! What does this mean?”.
A Lawyer is Too Expensive
A Will, if not made correctly can have significant ramifications in the future. To avoid legal costs, emotional distress and strain on your loved ones after your death, it is better to have an experienced lawyer prepare your Will. Many people believe getting a lawyer to prepare their Will is going to be expensive but this is not always the case. Nevett Ford provides our clients with a range of package options for Wills as well as tailored Estate Planning services for those more complex situations.