New Year Resolution – Resolve To Make Your Will
In her final blog of the year, Head of Wills and Probate Jo Robinson discusses New Year Resolutions…
If you are like me and feel some whiplash from how quickly 2020 and 2021 have come and gone then you may realise that it has been quite some time since you last reviewed your Will. Assuming you have made one in the first place!
The Christmas season is an excellent time to take stock of what you have achieved, enjoy time with loved ones, and refocus your thoughts on what you can do in 2022 to future-proof your affairs.
Making A Will – Common Misconceptions
When it comes to Wills, there remain some common misconceptions that can lead to significant problems when somebody dies without a valid current Will:
- 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
Addressing Those Misconceptions
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. It is essential that these couples 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.
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.
Who Should Make A Will?
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 Can We 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 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 have been considered and you will not be leaving your wishes to chance.
So, if you are to resolve to do anything in 2022. Please resolve to make or update your Will!
For more information or to make an appointment to make your Will, please do not hesitate to contact me on 01332 364436 or via email at j.robinson@timms-law.com. Alternatively, for more information on Wills and Probate, visit our website here.
December 2021