Writing a Will can be a daunting prospect and is often put to one side as it raises difficult thought processes and scenarios. Those ‘What if?’ questions that we would all rather not answer can sometimes be enough to put you off writing a Will.
If you need a little nudge towards writing a Will, here are three reasons why it is so important:
1 – Intestacy Rules
If you die without a valid Will, everything you own will be divided in accordance with the current law under the Intestacy Rules. This can be particularly problematic for unmarried couples, separated spouses, step-children and estranged family members.
A further consideration is that the Intestacy Rules can change just like any law can be altered so if the rules suit your current circumstances now, they may not suit your circumstances in 20 years’ time, for example.
If you have a valid Will in place you have control over who gets what and when they get it.
2 – Save Unnecessary Stress and Upset
In your Will you can select the people that you wish to be your Executors. A trusted friend or your family is a good place to start when choosing an Executor. Many people choose to appoint their Solicitor to act jointly with their family members or friends.
Whoever you decide, your Executors will work together to get everything in order following the terms of your Will.
If you don’t have a Will, the role may be forced upon a family member who may not be best suited to undertake the duty which can lead to further upset to your family and loved ones.
3 – Save Your Family’s Legal Costs
A Will can make the legal process after you die much quicker and less complicated because your wishes are clear and set out in a Will. The Intestacy Rules can often be complicated which can make the process longer and increase possible legal fees.
Writing a Will doesn’t have to be daunting or complicated, Dunn & Baker’s dedicated Private Client Team can help get you started.
Don’t forget, you can change your Will as many times as you wish. If you change your mind or your circumstances change, Dunn & Baker are here to help.
If you would like to discuss having a Will written, please contact a member of our Private Client Team on:
Exeter 01392 285000 Cullompton 01884 33818 Newton Abbot 01626 330127