You spend most of your time making a fortune for yourself and your family. Be it small or big, everything you make should go to the right person after you. Making proper arrangements beforehand ensures that your wishes are followed and the inheritance is passed on to the right person. Writing a will is certainly one of the most important decisions you can think of to protect your legacy.

According to a research, despite its significance, almost 59% of UK adults haven’t made a will yet. Also, 65% of the people mostly wait up to 45-54 years old to pen down their will. This blog will discuss the significance of writing down a will.

What is a Will?

Under the law of England and Wales, a will is a legal document through which a person specifies their intention as to what should happen to their estate after their death. This allows individuals, commonly called the testator, to lay down their wishes regarding their assets and other personal matters.

The key elements and functions of a will are as follows:

• Distribution of assets
• Appointment of executor
• Guardianship of children
• Charitable donations
• Trusts and special provisions
• Funeral and burial wishes

Moreover, there are certain legal requirements for a valid will. The legal requirements are:

• The testator must be 18 years or older
• The testator must be of sound mind
• The will must be in writing
• The testator must be signed in the presence of two witnesses.
• The will should be made voluntarily and without pressure from any other person.

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Reasons to write a Will?

From honouring your wishes to distributing assets, there are many reasons to write down a will. Here’s why writing a will is essential.

• Provide for your Loved Ones: One of the primary reasons to pen down a will is to provide the best for your family. This helps to specify how your asset will be divided among your heirs. With a will, you can alleviate the burden on your loved ones during such difficult times.
• Reduces Legal Complications: If you die without a will, it can lead to unnecessary legal processes and potential family disputes. In case of no will, the probate court appoints an executor to distribute your assets according to state laws. This results in lengthy delays and unnecessary expenses. A simple will can reduce the risk of unnecessary legal complications and ensure smooth transitions.
• Minimise Taxes: Having a proper will under estate planning helps minimize your estate’s tax burden. According to the applicable laws, a person can employ strategies to reduce these taxes. For instance, setting up trusts or donations. These options can help you maximise the value of your estates.
• Offering Support to Your Partner: When you are unmarried, your partner won’t be entitled to your estate. To avoid such instances, penning down will ensure your partner receives a share of your estate.

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What happens if you don’t write a Will?

 

Most of the time, people forget to write down their will. When a person dies without a will, the court follows the Rules of Intestacy. The person who died without a will is called an interstate person.

The court will appoint an administrator to distribute the assets per the Rules of Intestacy. According to the law, the following will be able to inherit the estate in case of no will:

• Partners-Wife/Husband
• Children
• Parents
• Grandchildren or great-grandchildren
• Brothers and sisters
• Nieces and nephews

 

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Conclusion

Writing a will is crucial in ensuring that your legacy will be preserved and your loved ones will be protected. Penning down a will helps you offer clarity, reduce legal complications, ensure fair distribution of assets, and more. Whether you are old or young, having a will is a way to care for your loved ones when you are no longer around. Hence, it is always better to consult family law solicitors in London and make proper arrangements beforehand.

 For further information on will, connect with London Solicitors and get professional help today!