Three in five (59%) of UK adults have not written a Will, according to recent research from Canada Life. This equates to 31 million people, whose property, financial and other assets could be left to someone they have not chosen when they die.
Whilst Wills and estate planning can be quite a taboo and sensitive subject by having the right legal instructions in place it can take away a lot of the emotional and financial pressure for your loved ones at what is likely to be a very difficult time.
Intestacy delays
Without a Will, you run the risk of dying ‘intestate’, and your assets being distributed to your next of kin according to the rules of intestacy. This may include surviving relatives you may not have chosen to inherit your assets. Plus, timelines for dispersing an estate where no Will is in place can range from slightly less than six months to well over a year. Plus, if delays are added in, probate can take up to two years or even longer.
Important document
Neil Raiseborough, Director and Head of Private Client department at Alsters Kelley Solicitors Ltd explains. “A Will essentially gives legal effect to your wishes and as such is probably one of the most important documents that you will ever write. We encourage everyone who doesn’t have one to make one soon. It’s not difficult or complicated and it can be done in a timely manner.”
Neil continues. “In addition, even if you already have a Will, we suggest you review it regularly and maybe revise it if needed particularly in light of any major life events that you are experiencing like marriage, birth of children, divorce/separation, buying or selling property or have received a large windfall etc.”
More than just your assets
Whilst a Will can decide who gets your assets and property — and who does not, it also enables you to:
- Choose who will take care of any minor children by appointing a legal guardian
- Donate property or funds as charitable donations, legacy or other gifts
- Decide who gets specific items like jewellery
- Provide a home for your pets
- Leave instructions for your digital assets
- Lower the potential for family disputes and legal challenges
- Save on inheritance tax, depending on how you structure your will
- Avoid a lengthy and costly probate
- Select your own executors
- Provide funeral instructions
A Will is a legally binding document – but if you don’t prepare it properly, it may not be valid. It needs to be properly signed by you and witnessed by two people – preferably not someone you are related to, or who has any beneficial interest in the will.
Support and advice
At Alsters Kelley Solicitors, we can help you to draft a Will to ensure your wishes are clear and recorded accurately.
You can make an appointment where we can support and guide you in the right direction. And thanks to our network of offices covering Coventry, Leamington, Nuneaton, Stratford-upon-Avon and Southam we are very accessible too.
For timely and quality advice, please contact Neil Raiseborough on 01926 356042 or email neil.raiseborough@alsterskelley.com
Please call 01926 356041 to speak to one of the team to make an appointment with one of our Private Client lawyers at any of our six offices.
Neil Raiseborough
Head of Wills, Probate, Tax & Trusts
Neil heads up the Private Client team and dealing with advising individuals on Tax and Estate Planning, the drafting of Wills and Powers of Attorney, Trust creation and administration, the administration of Estates and applications to the Court of Protection.
01926 356000
neil.raiseborough@alsterskelley.com