Getting older should be a positive experience where everyone is respected, valued and able to make informed choices.
If you have questions about making a Will or arranging setting up a Power of Attorney there are a number of leaflets and information sheets available through our office.
We can also put you in touch with experts who can advise and help you get your affairs in order.
WOULD HAVING A WILL MAKE THINGS EASIER AFTER I DIE?
Sadly most of us believe, for a variety of reasons, that we have no need to make a Will ….
- I know that my estate will automatically pass to my husband/wife or children
- Everything is held jointly
- I have very little to leave so don’t believe it’s necessary
- They know what I want and can sort everything out when I’ve gone
If you make a Will you choose who administers your estate (the Executors) and you choose who will inherit your assets (the Beneficiaries). You will ensure that people you care for are provided for where they would not be in law if you didn’t make a Will (e.g. stepchildren, unmarried partners, friends, chosen charities).
If there is no Will you will die ‘intestate’. This means that the law dictates who will deal with the administration of your estate (the Administrators) and who will receive an inheritance.
More than one person may be entitled to be the Administrator and if they cannot agree this could lead to delay and unforeseen costs, at the expense of your Beneficiaries.
Even more worryingly they could transfer your assets to the wrong Beneficiaries and be personally liable for their error.
The law also dictates who will inherit your assets and this may not be as simple as you believe.
Your close family will benefit, but not necessarily in the way you would wish. If you have no close blood relatives then detailed investigation of your family tree may be necessary, once again this can be a costly process and result in part of your estate being wasted unnecessarily.
Whilst you may consider it a remote possibility, if no beneficiaries are found, then your estate will pass to the Crown. Approximately £14 million was dealt with in this way last year!!