The Importance of having a Will
Making a Will is the best way of providing for those you leave behind. Hence, because you have made very precise decisions in relation to your property whilst alive, your Will alleviates worry for your family and makes life just a little easier at a very difficult time.
What happens if you do not make a Will?
If you do not make a Will you die “intestate”. That is, your property will be distributed according to a formula, which may not be your intention. Your children, spouse or partner may not receive the protection you would have desired. The process of finalising your estate without a Will becomes complicated, costly and time consuming.
True or False?
The government takes your property if there is no Will – False
This only happens in exceptional circumstances where there are no close relatives or persons in a family relationship who survive you.
When should your Will be Reviewed?
Generally, if any of the following circumstances change, then your Will requires review:
- Divorce or marriage.
- Your change of name.
- An Executor or beneficiary dies.
- Property bequeathed is sold or purchased.
- You enter a domestic relationship.
- You have children.
Wills for People with “Blended” Families
Wills for a testator with a blended family are always difficult. The testator who has children from a previous relationship must provide for those children and for his/her present spouse or partner or joint children – the balance is always difficult to achieve.
Children of a current relationship are in the same position as children of parents who are still in a continuing relationship with each other. Without proper drafting, children from a prior relationship would be left in the difficult position of having to decide whether to claim family provision from your estate, (assuming of course that the children are old enough and informed enough to make a claim on their own account).
What are the Legal Costs?
Depending on the complexities of your Will, the cost of drafting your Will is not an expensive outlay, particularly given the comfort of having your affairs in place in the event of your death.
A Will is one of the most important documents you will ever make and without professional advice in drafting your Will, you could unintentionally leave very complex, complicated and unresolved issues behind for your loved ones to resolve.