It is admittedly an easy topic to put off, but writing a will is immensely important and every person should have a will drafted that explains what will happen to their property once they die. Many people wonder when the right time to write a will is. At any time after the age of 18, after a significant event such as a marriage, divorce, coming into some money, having children or when those children become adults, people should consider looking at their will and revising it.
When someone dies it can be a terribly stressful and emotional time for the people who have been left behind and without a will put in place, additional pain and confusion will be added to the mix. Many family members will not know what to do with all of their loved one’s personal belongings and without a will, the law decides how assets are to be distributed and who will take control of the affairs.
A will does a couple of very important things and can also allow other implications work in the estate holder’s favour and make for a seamless process for those who are distributing the estate. Aside from instructing loved ones what possessions go where, a will is a chance for a person to leave behind instructions to whomever they wish.
Usually, an executor is appointed in the will as a person or persons who will be in charge of organising and executing the contents of a will. Should that person feel they are unfit to carry out the task, a secondary person should also be added. The court will take over should no person within the family wish to take on the task.
It can be quite burdensome for people and this is where a solicitor in London is available to help. By working with their clients in a compassionate and professional manner, the process is underway quickly and legal advice and support is given every step of the way.
What happens if there is no will?
This can become especially tricky if a couple is living together but not married, as the law may not recognise these couples as having the same rights as if they were husband and wife. When a person has no will, it can lead to family disputes over who should receive what and what happens to a family home.
Writing a will is a chance for the person to divide up their assets in a way they feel fit, without feeling pressured into anything. It is their chance to have a final say and to allow certain possessions to benefit those who they feel deserve them the most.
A professional lawyer is able to draft a complete will on behalf of their clients and give them the peace of mind knowing that their wishes for their entire estate will be legally binding and adhered to. This means that their property will be looked after as they want it to be.
Lawyers are also able to work alongside external tax advisors to make sure that the assets will be distributed in such a way that it will be as tax efficient as possible. By utilising the experience and skills of these professionals, clients are able to make informed decisions as to how to best benefit their loved ones when they have gone.