New Year New Will.
Recently, the Law Society’s Solicitor Chat discussed making a Will. Here is a summary of the main points and how our experienced lawyers can help you make a Will.
What is the process of making a will and how can we help?
A Will appoints people to deal with your estate after your death and states who benefits from your estate. It is a legal document so it is important to get it right and taking qualified advice from our experienced solicitors will achieve this. We will obtain information regarding your assets, beneficiaries, guardians and executors, in order to be able to produce a Will which represents your wishes and is legally valid. The first stage of the process will be a discussion as to what your assets are and who you wish to inherit them on your death. The best way to start is by having a meeting with one of our solicitors who will discuss with you your circumstances and wishes. We know how to ask the right questions to fully understand your position.
What could happen to your estate if you die without a valid Will in place?
If you die without a valid Will, the rules of intestacy govern where your Estate will pass. These rules set out a hierarchy of who is to inherit from your Estate. Ultimately, if you pass away without a valid will and leaving no relatives surviving, under the intestacy rules your Estate would pass to the Crown. Therefore, it is very important to have a Will in place to ensure your Estate passes to those you choose.
You don't have to use a solicitor to make a Will but, what are the risks of using a DIY wills kit or an unregulated service?
For a Will to be valid there are strict requirements set out by law. Our qualified solicitors will be able to guide you through the process and can ensure that the Will is completed efficiently, effectively and with appropriate evidence to support the position. Unregulated Will writers do not necessarily have any qualifications to advise you appropriately. Will writing companies are not regulated so there is no higher authority to complain to if there are mistakes. Also, they are often more expensive or will talk you into complicated wills that you do not need.
People tend to think you only need to make a will if you're older so why is it important for everyone, no matter their age, to consider making or updating their will?
Often people assume that if they have little by way of assets that they do not need a Will. This is not the case, everyone has something to leave, whether an estate, bank balance or box of jewellery. So, it is important to make a Will and keep it up to date if circumstances change.
Anyone with assets or children should consider making a Will to ensure your estate passes to your chosen beneficiaries. This is especially important if you are unmarried or not in a civil partnership because otherwise your partner will not inherit under the intestacy rules. Also, with regards to your family, it makes life much easier for those left behind because you can appoint an Executor to handle the administration of your estate and you can give your wishes for your funeral in the Will.
Why is the New Year a good time to make or update your Will?
January is a time for New Year’s resolutions and getting our affairs in order. What could be more important than deciding to ensure that your friends and family are provided for in the event of your passing?
Make your Will your New Year's resolution! Please contact one of our lawyers in Conwy (596596) or Llandudno (874774) today.