Not many people know it is parliament that sets down in law how our individual estates are to be divided in the event of our death. The law states that someone’s assets should be divided between members of their family and in the shares stipulated by the legislation. Who receives what is governed by the size of your estate. These rules – which are known as the intestacy rules – may mean that someone’s estate goes e.g. to a child from whom they have been estranged for many years or perhaps to a cousin who they have never met. This situation is obviously not ideal.
When someone makes a Will they are in effect saying “don’t care what the rules say – this is what is to happen with my estate when I die”. In a Will someone can stipulate who should receive and in what shares, their estate. They can say whether the beneficiaries can receive their share outright or whether it should be placed in trust for them because e.g. they are a child or a vulnerable adult. They can also set out who should be responsible for the administration of their estate by appointing executors. The result is that everything is very clear.
The costs of making a Will are relatively inexpensive and the Will itself can be a very simple document. This is money well spent as it ensures that the people you love and care about are the beneficiaries of your estate.
In short, rules are made to be broken Make a Will today.
If you would like to make a Will, please contact a member of our Wills, Life Planning and Probate team who will be happy to assist. Call 01206 700113 or email [email protected].