Why do I need a Will?

Creating a will is a fundamental aspect of estate planning. Many people assume that their husband or wife will inherit the whole estate should a Will not have been made. This is not always the case. You need to be clear about your intentions for your assets including your home, bank accounts, ISAs, investments, your car and other material belongings.

It serves as a legal document that outlines your desires regarding the distribution of your assets. It can also nominate guardians to have the care of any minor children (under 18 years old) upon your death. If this is not in place, it can cause more legal issues for any intended family members to look after your children should you die.

Here are some of the reasons why having a will is essential:-

• Asset Distribution: A will provides clear instructions on how your property and assets should be divided, ensuring your wishes are respected. If no Will is in place, then the Intestacy Rules must be followed. This may not be how you wish your estate to be divided and could cause problems for your partner and any children you may have.
• Guardianship: It allows you to appoint guardians for your minor children, giving you peace of mind about their future care. We understand that you might not want to think about this scenario and it is unlikely to happen but should the worst happen, it is important to have your chosen family members/friends set out clearly as the people you wish to take care of your children.
• Reducing Disputes: A will can minimize family conflicts by detailing your specific wishes, thereby reducing the potential for disputes. Grieving is a very difficult time. If your estate has to pass under the Intestacy Rules, this can be upsetting for certain family members and cause unnecessary stress and potential litigation. To reduce the chances of any upset and subsequent legal claims, it is better to be clear and concise as to how you wish your estate to be divided in the event of your death.
• Executing Wishes: It ensures that your instructions are followed, as you have laid them out. Your executors are the people you chose to carry out the wishes in your Will. When you are clear with your instructions, they have guidance from you and have to abide by them legally.
• Simplifying Probate: Having a will can streamline the probate process, making it easier for your family to handle your estate. It is possible to administer without a will and obtain Letters of Administration, however, it is a more complex position and more in depth care has to be taken. This could incur more legal costs.

In conclusion, this is an important issue that should not be ignored. We understand that no one wants to contemplate their own deaths, however if you see this as a legal document that makes everyone’s lives easier and you will have satisfaction that your wishes are being carried out, then you can take this job off your list.

At Pearson Hards we offer a friendly and caring approach with all our clients and hope to see you soon to discuss your needs.

For more information on creating a Will or Lasting Powers of Attorney please contact Claire-Louise, Wealth Management Executive on clsmith@pearsonhards.co.uk or telephone 0208 949 9500.