6 Truths About Wills That You Should Know

Wills are often dismissed as unnecessary, particularly by young adults, people with few assets, or those who are not in long-term relationships. However, it is also fair to say that many misunderstand the importance of having a Will, especially as life has a habit of changing in the most sudden and unexpected of ways.

In this article, we will discuss six truths about wills that everyone should know.

What Is A Will?

A Will is an important legal document that needs careful consideration when writing, as it outlines your final wishes for how your property, money, and possessions (your ‘estate’) are distributed after your death. Many people regard Will-making as the best way to decide who benefits when your estate is divided, but a Will also provides important protection for your loved ones and ensures they are financially supported when you are no longer there to provide for them.

How Much Does It Cost To Write A Will?

Although there is a charge to write a Will, not writing one will likely cost your loved ones far more in the long term. This is because your estate might be exposed to additional financial burdens after your death, such as taxes, which will disadvantage your family in time. Writing a Will is a cost-effective decision that will pay dividends and provide greater security for your loved ones after your death. A Will often costs between £150 – £250, but it could be more depending on how complicated the Will is.

Can I Exclude People From My Will?

You are within your legal rights to exclude anyone you want from your Will but it is a good idea to state the reasons for this decision in writing – especially when you are not giving anything to close family members Will dispute solicitors can try to overturn a Will if it is believed to be invalid or fails to make reasonable financial provisions for close family members, so a written statement explaining why you have chosen to exclude someone will provide clarity after your death.

What Happens If I Do Not Have A Will When I Die?

If you do not have a valid Will when you die, then you are deemed to have died intestate – that is, you pass away without a Will and what happens to your estate depends on whether you have surviving family. Your estate will be transferred to your spouse, children, parents, grandchildren, and siblings in that order. If you have three children and no spouse, for example, your estate will be divided equally, irrespective of whether you wish that to happen. If you have no traceable living relatives, your estate will be passed to the Crown. A Will is an easier and often cheaper way to ensure that the right people receive your assets.

Is Making A Will All I Need To Do?

Making a Will is not sufficient in itself, as you will need to appoint a responsible person – an executor – to administer it and ensure your wishes are fulfilled after you pass. The chosen executor or executors must be reliable, trustworthy, and accountable. Often, they are close family members or friends who can be trusted to observe your wishes. The executor, who can also be a beneficiary, will be responsible for submitting the Will to the authorities within the required timeframes. They may spend money from your estate to cover legal bills and reasonable expenses. Choosing your executor is an important decision; if you do not have a reliable person in mind, you can appoint a solicitor to act on your behalf.

How Does A Change In Marriage Affect A Will?

If you already have a Will and then marry, then that Will is automatically made invalid. You will need to make a new Will.

Contact Astle Paterson For Expert Wills Advice

If you are looking for an honest and conscientious Probate and Wills Solicitor in Burton on Trent, we can help. To find out more about our wills and probate service, please call Astle Paterson today on 01283 531366 or get in touch.
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