Whilst no one necessarily wants to think of the day they will depart this realm, writing a will for any adult remains a necessary task. To avoid any potential conflicts in the event of your death, great care should be taken to ensure it says exactly what it needs to.
If you’re unsure as to how a will could benefit you, keep reading and we’ll explain.
Protect Your Wishes
Figures suggest that 53% of people in the UK do not have a will in place. The intent behind most wills is to legally state who will inherit all of your physical possessions once deceased. Without a will, your assets will be divided as per the law of Intestacy, following a set pattern under legal guidelines.
This is likely to mean that your spouse and children will inherit the bulk of your estate, something which you may not want. In addition, some family members who have been left behind may be upset over the fact that estranged family members have inherited assets they are not entitled to.
In the event of no succeeding family members, your estate will be passed onto the government.
Protect Your Family
Most people will want to see their immediate family looked after in the event of their death. This is even more so the case if family members stand to lose out after death because they were being supported by funds made available to them.
If you happened to be in a relationship but weren’t married, your surviving partner would have no legal recourse to your estate unless you had a will putting this clause into writing.
Funerals can also be expensive. Any cost will need to be picked up by your next of kin which they may not be able to afford. Leaving money to them in a will is a great way to help assist with this cost.
Is Your Will Up to Date?
The hard work isn’t over. Once you have a will in place, it needs to be regularly reviewed and updated to ensure it remains accurate. If you haven’t updated your will in decades, now might be the time to do so to avoid someone inheriting assets they no longer deserve.
We would really suggest that your will is written by a solicitor or specialist who understands the law and how it operates. They will be of great use if your will is complicated or if you have a lot of assets.
What Happens When Beneficiaries Cannot be Located?
When beneficiaries cannot be located in matters of wills and estates, the process can become complex. Estate administrators and legal professionals must make diligent efforts to locate them using various means, including searching public records, conducting online searches, and even engaging people tracing services (you can Find out more about this on the Web).
If all attempts to locate beneficiaries are exhausted without success, the estate may be subject to laws governing unclaimed property or escheatment. In such cases, the assets may be turned over to the state or jurisdiction where the deceased lived, following a designated waiting period. To navigate this situation, legal advice is crucial to ensure compliance with local laws and regulations while safeguarding the deceased’s intentions.
Hiring a Will Writer
You have a couple of options when it comes to writing your will. You can either DIY or hire the services of a third party. A will writing company is best placed to write your will as well as provide any advice you need on the process. Costs will vary so be sure to shop around to ensure value for money.
Once its written and safely filed away, you’ll be able to rest easy in the knowledge that your wishes will be taken care of.