Narberth, Haverfordwest and Carmarthen Solicitors Hains & Lewis have issued some important advice on making a valid Will.
A Will is a legal document which needs to be written and signed correctly to be valid and sets out your instructions for what should happen after your death.
If you die without leaving a valid Will the Statutory rules of intestacy set out how your property, possessions and money will be distributed. This means your estate, which is everything you own at the date of your death (such as personal possessions, your house or other property, bank and building society accounts, premium bonds, shares etc.) may not be distributed in the way you would want it to be. There is a strict order for dividing your estate if you die intestate depending on which relatives you leave behind.
The only way to make sure your estate goes to the people, causes or charities that you want it to go to is to make a Will. You can specify any funeral wishes if you would like to and who is to benefit and what they will receive. This may be of particular importance if you have children and you want to plan for their future so that you know what they will get and what it is used for if you should die whilst they are still young. You can also name guardians for any children under the age of 18 at the date of your death and make provision for your pets.
A Will also protects your loved ones by reducing the chance of a dispute and is particularly important if you cohabit. The Statutory rules do not recognise cohabitation and there is no automatic right to inherit from a deceased partner no matter how long you have lived together or whether you have children. A Will ensures that your partner receives a fair share of your estate.
You may also have step-children who are an important part of your life, and may be your only children, but they would not be entitled to receive anything from your estate if you die intestate as it is only blood relatives who inherit under the Statutory rules. This means that that your parents, siblings, aunts, uncles or cousins (depending on who survives you) would inherit rather than any step-children if you do not have a Will.
If you die without having made a Will you would not have any control over who would administer your estate after your death. A Will names your executors who are the persons in charge of carrying out your wishes. This is an important and responsible role and you should think carefully about who to appoint as close family members may not want to deal with administering your estate whilst they are also grieving.
When writing a Will it is important to seek legal advice as professional assistance can ensure that not only is your Will valid but that all of your estate is included and no important details are left out or overlooked. If a Will is not professionally drawn up it is easy to make mistakes and this can make the Will invalid. Sorting out disputes after your death can be costly which will reduce the amount in your estate to leave to charities or your loved ones.
If you do not have a Will or any living relatives then the whole of your estate will pass to the Crown.
Making a Will provides peace of mind for you as you know that your estate will go to the people and causes you want it to and peace of mind for your loved ones that your wishes are being respected after your death.
If you wish to make an appointment, contact Tracy Griffiths
Hains & Lewis, Solicitors
0345 40 80 125 Email: [email protected]