Led by James Scotney, Town and Country Law is a trusted and fully insured estate planning service that enables clients to plan responsibly for the future and beyond. This article will look at wills and why making a will is crucial in terms of documenting the testator’s wishes and ensuring the right people receive the right assets.
Many people do not want to consider what will happen after they have gone, but no one knows what the future holds. Estate planning is crucial in terms of ensuring the testator’s estate is distributed in accordance with their wishes. The importance of making a will should not be underestimated.
When an individual dies without making a will, their estate passes according to the intestacy rules. This could culminate in the deceased’s loved ones missing out on possessions or assets the deceased wished to pass on or assumed they would inherit.
For instance, under the intestacy rules, close friends, favoured charities, and even stepchildren and unmarried partners are unrecognised, meaning that the deceased’s loved ones could all be disinherited against their best intentions.
When a married person dies without a will in place, the surviving spouse is entitled to receive all of the deceased’s possessions, along with the first £270,000 from the estate and 50% of any remaining assets. The remaining 50% is divided between the deceased’s children. In order to realise their inheritance, the children may wish to sell the family home, which could culminate in significant upheaval and hardship for the surviving spouse.
Making a will enables the testator to identify who should receive what, be it leaving specific sums under the will or dividing up their possessions. A will also appoints executors and in some cases trustees, allowing the testator to appoint trusted individuals to oversee distribution of the estate. Wills can be used to appoint guardians for children and communicate wishes, helping to ensure that the testator’s preferences and principles are adhered to after their death. Wills can also be used to address complex family circumstances and to avoid disagreements and disputes following the testator’s death.
For couples, mirror wills are a simple and cost-effective means of ensuring each spouse’s assets are passed on in according to their wishes. Suitable for both married and unmarried couples, mirror wills are a reflection of each other, bequeathing everything to the surviving partner, then to chosen beneficiaries.
In the UK today, an estimated 70% of adults do not have a will in place, a sobering statistic given that a will is one of the most important legal instruments an individual with execute in their lifetime. Town and Country Law assists clients across the country, providing exceptional will writing and estate planning services, helping to ensure that issues like who will inherit what and who will look after a client’s children following their death are determined by them and not the state.
