What happens if you pass without a Will?
It is a topic that is often overlooked, but the truth is, we will all pass one day.
So what happens then? What happens to everything you’ve acquired throughout your life?
Wouldn’t you like to know that your family is continued to be looked after and supported after your death?
Wouldn’t you like to know that the wealth you’ve accumulated throughout your life is not destroyed?
If an accident happens, the last thing you want to happen is for your family to endure stress and complications that could have otherwise been avoided if you had simply prepared a Will in advance.
Why it is important to have a valid Will
A Will is a legal document that sets out how you want the things you own to be distributed when you die. This doesn’t mean you have to wait until you’re of ‘old age’ to do this. It doesn’t mean you need to own heaps of property or be extremely wealthy to draft a Will.
It simply means you wish to:
- Know the people you care about are provided for if you die
- Leave particular items for certain people you care about
- Leave any instructions you wish to be carried out when you die
- Perhaps make a gift to charity
When you die and have a Will, any doubts or difficulties that can arise are alleviated.
If you don’t have a Will however, you will not have any say about how your items and properties are distributed and usually, your relatives will receive your estate.
However, if you don’t have any relatives closer than a first cousin, your estate will go to the government!!
How do draft a Will?
A Will must be signed and witnessed properly to be valid in the eyes of the law. A solicitor who specialises in the area of Wills & Probate would be able to do this for you – it is a simple process and need not be expensive.
While there are ‘do-it-yourself’ Will kits, seeking help from a professional to make sure it is drafted properly and appropriately is much safer, because they would be able to advise you of any tax issues or other potential issues which may affect your Will.
