What’s the point of making a will?
If the worst were to happen and you had no will in place you would be deemed to have died intestate. So why is that a problem?
Firstly, it will take much longer to distribute your assets – secondly, you have no say in who gets them.
- If you have a partner, but you are not married your partner will not qualify to automatically receive any of your estate.
- If you’ve remarried and have step-children, they could end up with assets that you would have preferred your own children to have.
- If you own a company or own shares in a company that you’re a director of, your spouse may end up with the shares or part ownership – and that may not be the best solution for your business.
These are just a few of the situations that can be the result from dying intestate. But, in essence, without a will that lays out exactly who you want to have what, you are likely to leave those who you love in a vulnerable position once you have gone. Not to mention your business partners whose ability to operate the business effectively may be hamstrung.
When you’re making a will, it is one of the most important documents to have in place. This holds more true if you own property, shares in a company you are a director of or other business interest such as a sole trade or partnership.
It is also important to ensure any will you do have in place is a valid will. For instance, any change in marital status will require an update to your will.
Your will must be in writing, and be signed and dated by yourself as well as by two witnesses, who are not beneficiaries.
Play it safe
You don’t have to die for your family to be thrown into chaos. If you are incapacitated for any reason, whether that’s through illness or accident, you may not be able to access your money or make decisions. This is where a Lasting Power of Attorney (LPA) comes into effect.
It puts someone you trust and who has your best interests at heart in charge of keeping everything on an even keel. Without it, it can take months to apply for a court to make decide who can make decisions on your behalf. That’s expensive and, during those months real hardship can befall you and your loved ones.
A will and a LPA are often created together, it makes sense to have all your affairs in order, just in case.
If making a will is still on your ‘to do’ list, or you think an update is needed. If you need any assistance in making a will, or maybe you might require some will writing services in Hertfordshire, then feel free to get in touch with the expert Cook & Partners team and give us a call on 01992 554444.
