Have you ever asked yourself, “do I really need a Will?” Well, you are not alone, this is a one of the most common questions people ask when thinking about their estate planning.
Many people put off making a Will because they assume it is only necessary for those in later life or those with significant wealth. The reality can be quite different, and it is important to have a valid Will in place to protect your hard-earned assets, your loved ones and your wishes, regardless of your age or financial situation.
A Will is a legal document that sets out what you want to happen to your money, your property and possessions after you die?
What are the benefits to having a valid Will?
• You decide who will manage your estate by appointing your chosen Executors;
• If you have young children, a Will allows you to name Guardians who will care for them in the event of your death;
• You can be specific about who you want to inherit and what you want them to inherit; and
• You reduce the risk of any disputes or legal challenges.
Ultimately, having a valid Will in place allows you freedom, choice and control over these important decisions.
If you die without having a valid Will in place, you are considered to die “intestate”. This means that your estate will be dealt with according to the intestacy rules which might not reflect your wishes.
Dying without a Will could mean:
• Your estate might be managed by someone who you would not have chosen;
• Your estate could end up being inherited by family members that you have no contact with or who you do not want to inherit;
• It could cause disputes between the family; and
• The administration process is likely to take longer and be more complicated.
Ultimately, not having a valid Will in place means that you lose control and choice over who inherits your estate and who manages your affairs.
Yes, you can write your own Will. However, a Will must meet certain legal criteria to be valid and if these are missing then the Will could be invalid or challenged.
Instructing a solicitor ensures that your Will is legally binding and valid as well as being tailored to your specific circumstances and needs.
If you would like to speak to one of our experts about making a Will, contact our team based in Leicester and Market Harborough today for tailored advice. Contact Us
Written by a Solicitor and enhanced by AI
