New Year Resolution – Resolve To Make Your Will
As 2020 draws to a close, many of us will be turning our thoughts to what 2021 will bring – but how many of us will consider making or reviewing a Will?
Although the coronavirus outbreak led to many Brits making Will related enquiries during lockdown, vast swathes of the UK population still don’t have a Will in place or haven’t updated it for so long that it no longer carries out their wishes.
Unfortunately, there are many misguided assumptions that people make and I’ve included the top 5 below:
• Common law partners automatically inherit
• Legal responsibility for children automatically goes to the immediate family
• Separation cancels a Will
• A Will is only needed if I am elderly or wealthy
• Wills are expensive to make
Making A Will – The Facts
Although joint assets automatically pass to the surviving joint owner, there is currently no legislation in place which specifically provides for unmarried partners to benefit from each other’s estate when one dies. The laws of intestacy only provide for married couples or those who have entered into a civil partnership. More and more people are choosing to cohabit rather than marry and it is essential that they consider making a Will if they want their partner to benefit from their estate after they die.
Two in five people wrongly believe that the legal responsibility for children will automatically go to the immediate family if their parents were to die without appointing a guardian. In these circumstances, the legal responsibility for any dependent children under 18 would fall to the courts to decide, until a decision is made on who will become guardians.
If you separate from your spouse or civil partner then this has no effect whatsoever on your Will. The appointment of a spouse or civil partner as an executor or beneficiary under a Will is only revoked once the marriage or civil partnership has been dissolved. If you separate, it is essential that you make or review your Will if you do not want your spouse to benefit from your estate.
Everyone who owns assets in their name should make a Will – irrespective of their age although you must be over the age of 18 to make a Will (unless in actual military service).
Wills don’t cost the earth and there are often charity Will schemes available so that you can make a Will for free, or at a reduced cost. Whilst homemade Wills may seem the cheaper alternative to a professionally drawn up Will, the cost of getting it wrong can be very expensive indeed. An out of date Will can be equally as problematic, as estates are often left to beneficiaries who are no longer close to the person who made the Will.
Making A Will – How We Can Help
Our offices are open to clients, so you are welcome to come in and see us to have a chat. If you are isolating or if you prefer to keep your distance then we can arrange to take your instructions remotely by video call or telephone.
Your Will is one of the most important legal documents that you will ever prepare. It is the document that allows you to decide who should inherit your estate in the event of your death. By seeking the advice of a professional legal adviser and paying now for the legal advice associated with your Will, you will have the peace of mind that all eventualities will have been considered and you will not be leaving your wishes to chance.
For more information or to make an appointment to make your Will please contact me on 01332 364436 or by email at j.robinson@timms-law.com.
Jo Robinson
December 2020